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Tata Steel bond to have step-up option: source

Tata Steel bond to have step-up option: source
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First Published: Thu, Mar 17 2011. 10 33 AM IST
Updated: Thu, Mar 17 2011. 10 33 AM IST
Mumbai: Steelmaker Tata Steel’s planned Rs1500 crore ($332 million) perpetual bond issue will have a step up option of 300 basis points after the 10th year, a source with knowledge of the deal told Reuters.
The Tier-I bonds will carry a coupon of 11.8% payable semi-annually.
The perpetual bond issue is likely to be launched as early as this week and ICICI Bank would subscribe to the entire issue, according to IFR a Reuters service.
The bonds carry a AA rating by CARE.
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First Published: Thu, Mar 17 2011. 10 33 AM IST
More Topics: Tata Steel | Bonds | Borrowings | Money Matters | Bonds |