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Bond Market News
Tata Motors Buys Back $111.94mn of 5.75% 2024s Under Tender Offer
June 13, 2023
Tata Motors announced that it has repurchased $111.94mn of its 5.75% dollar bonds due 2024 under its tender offer that was launched earlier this month. This makes up 44.8% of the $250mn amount outstanding it had prior to the offer. Tata Motors had sought to buyback up to a maximum of $125mn when it launched the tender offer, which expired on June 9, to help it manage its debt maturity profile. Investors received $1,005 per $1,000 in principal plus accrued interest.
Tata Motor’s 5.75% 2024s are currently trading at 99.8 cents on the dollar, yielding 5.9%.
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