Mon. Sep 28th, 2020

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UPL set to be first private Indian firm to tap dollar bond market since covid-19

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UPL Limited

Agrochemicals major UPL Ltd plans to raise up to $500 million through a dollar bond issuance, which will make it the first private India company to tap the dollar bond market since covid-19 disrupted businesses in March.

No Indian private company has raised funds from the dollar bond market since February when companies such as IIFL Finance Ltd and Adani Electricity Mumbai Ltd raised funds through this route.

Last month, state-owned REC Ltd raised $500 million through dollar bonds, becoming the first Indian company to raise funds in the dollar bond market since covid-19.

UPL’s fundraising efforts could signal that things are looking better for Indian companies as the economy is slowly opens up after over a tow-month lockdown.

“UPL will soon hit the market with a $500 million bond issuance. The money will be used to repay bonds maturing in 2021. The company will also soon launch a tender offer for buying back the 2021 bonds,” said a person aware of the development.

UPL is being advised by JP Morgan, UBS, Bank of America and Citi on the transaction, he added.

On Monday, Fitch Ratings said it has assigned a ‘BBB-‘ rating to UPL Corp’s proposed US dollar senior unsecured notes, proceeds of which are intended to be used primarily for debt repayment.

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