Glenmark to start selling dollar bonds offshore on Tuesday
Glenmark says it's planning to raise $200 million through the offshore bond issue
Mumbai: Glenmark Pharmaceuticals will begin road shows to market its dollar-denominated bonds in the international markets Tuesday, two bankers familiar with the development said.
In an exchange filing, the drugmaker said it is planning to raise $200 million through the offshore bond issue. “The net proceeds will be used for repaying the existing debt. These bonds are planned to be listed on the Singapore Stock Exchange in order to establish the company’s track record in the globally recognized bond market," the company said.
Glenmark has mandated five bankers that include Citibank, HSBC and Barclays to market its bonds to investors in Asia and Europe, one of the bankers quoted above said. The bonds have tenure of five years and are rated BB by Fitch Ratings.
This would be the second offshore dollar bond sale in July by an Indian company, after ONGC Videsh’s bond issue last week. It would also be the second bond issue by Glenmark after the company raised $170 million through an issue of foreign currency convertible bonds (FCCB) in May, according to data from Bloomberg.
Indian bond issues in the offshore market totaled $2.7 billion between January and June of 2016, down 59% from the corresponding period a year ago, according to data from Dealogic. This is the lowest volume since 2012.
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