Tata Steel bond to have step-up option: source

Tata Steel bond to have step-up option: source

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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