Chemical
UPL considering issue of senior notes
The proceeds of the Notes, if issued shall be utilised to fund buy back through tender offer of existing $500 million 3.25% Notes – due in 2021 (Bonds), in whole or part.
- By Pravin Prashant
| June 09, 2020
UPL Limited subsidiary UPL Corporation Limited, Mauritius is considering an issue of 10 year US$ denominated – Regulation S only Senior Notes (Notes), subject to market conditions.
The proceeds of the Notes, if issued shall be utilised to fund buy back through tender offer of existing $500 million 3.25% Notes – due in 2021 (Bonds), in whole or part.
Considering Covid-19 situation, UPL considers it prudent to raise finance about twelve months in advance of the upcoming maturity of the bonds and manage the liability proactively. This issuance of Notes does not result in an increase in net debt of UPL.
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