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Tata to issue bonds this month for JLR

Tata Motors, India’s largest commercial vehicle maker, may issue bonds to raise Rs 5,000 crore to refinance the remaining $2 billion bridge loan it took to acquire Jaguar and Land Rover. The rest of the amount is expected to come by way of rupee- and dollar-denominated term loans. According to the insiders, State Bank of India (SBI) along with several other banks, was providing a guarantee. A banker connected with the development confirmed that the bonds would be issued this month. The sources also adds, SBI Caps was in talks with institutional players like Life Insurance Corporation of India as potential buyers. Bankers said the bonds would have a maturity ranging between two and seven years. When contacted Tata Motors spokesman told that Tata Motors would not like to comment on the news. A banker informed that half of the repayment requirement will be done through the bond issue, the rest of the amount is expected to come by way of rupee- and dollar-denominated term loans. The remaining amount is due for repayment on June 1. Initially, the company intended to raise funds through an overseas equity issue and sale of more of company’s investments, but the plans did not work as was expected on account of adverse market conditions. This forced Tata Motors to seek refinancing from its lenders to whom it had sent a term sheet last month and was negotiating the interest rate. Meanwhile, the plans have been reworked now with a great part of it coming by way of bonds. Though the Libor has eased, credit spreads continue to be high making overseas fund raising difficult for Indian companies. Citigroup and JP Morgan were the lead managers to the $3 billion loan, which was raised with the help of other banks such as SBI, Standard Chartered, BNP Paribas and Tokyo Mitsubishi UFH.

Meanwhile, the Tata group, which bought JLR for about $2.3 billion in 2008, has been negotiating with the UK government for a guarantee on a £175-million ($263 million) fund infusion that will enable the luxury carmaker to counter the ongoing slowdown. Tata Motors had raised a total of $3 billion last year for funding the Jaguar Land Rover deal. It has repaid $1 billion, partly through funds raised from a rights issue. Tata Motors will have to refinance $2 billion bridge loan by June. Although the Tatas had asked the UK government for providing guarantee for about £340 million ($510 million) from the European Investment Bank, the UK government reportedly said it would provide guarantee for only £175 million. Tata is among the leaders who launched economical cars in India.

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