A unit of Indian auto parts maker Samvardhana Motherson International is planning to raise up to USD 500 million through the sale of five-year dollar bonds and has mandated bankers for the issue, two bankers said on Wednesday.
SMRC Automotive Holdings Netherlands B.V. has mandated BNP Paribas, Citigroup, HSBC, J.P. Morgan and MUFG as joint global coordinators and joint lead managers and DBS Bank and Standard Chartered Bank as joint lead managers.
The mandated bankers will organise a series of fixed income investor meetings and calls across Asia, Europe, the Middle East, Africa and the U.S. from Wednesday.
The dollar bond issue is expected to be priced next week, the bankers said, requesting anonymity as they are not authorised to talk to the media.
Samvardhana Motherson International will provide the guarantee on behalf of the issuer for proposed notes, it informed Indian exchanges on Wednesday.
The notes are expected to be rated Baa3 by Moody’s and BBB- by Fitch.
