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Bond Market News
Tata Motors Launches Tender Offer to Buy Back Up to Half of its $250mn 5.75% 2024s
June 1, 2023
Tata Motors launched a tender offer to buy back a maximum of $125mn of its outstanding $250mn 5.75% 2024s at a price of 100.5. The notes are currently trading at 99.25, yielding 6.31% and thus the buyback price is at a slight premium to its market price. It said that the rationale for the buyback offer was to reduce gross debt and manage its debt maturity profile. The final expiration deadline for the tender is June 9 and settlement is expected on June 16.
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