Novelis has increased $4 bn by the mixture of debt as well as bonds

Novelis has increased $4 bn by the mixture of debt as well as bondsNovelis has increased $4 bn by the mixture of debt as well as bonds. Novelis increased $2.5 bn through 2 bonds. $1.4 bn increased via the issuance of 10-yr bond at 8.75per cent as well as $1.1 bn through 7-yr bond at 8.375percent. Bonds released on Friday, Dec 10 “obtained good reaction and was over-subscribed” sources said. The firm also increased a 6-yr term loan of $1.5 billion at the rate of 375 bps over Libor, the base price for the Libor continues to be set at 150 bps minimum in this deal.

Novelis will provide $1.7 billion to Hindalco as dividend as well as utilize the rest for re-funding the debt on it’s books.

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