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India s Tata Motors raises $425 mln in offshore bonds to pare debt, meet expenses

Aditi Shah 2 minute read Tata Motors logos are seen at their flagship showroom before the announcement of their Q3 results in Mumbai February 14, 2013. REUTERS/Vivek Prakash/File Photo Indian automaker Tata Motors (TAMO.NS) has raised $425 million through unsecured offshore bonds at a rate of 4.35% to refinance existing debt and meet expenses, according to a term sheet of the deal seen by Reuters. In a statement to the stock exchange, the company confirmed the fund raising and said it will use 225 million pounds ($318 million) of the proceeds to refinance existing loans and the rest to meet corporate expenses. The bonds have a maturity date of June 2026, it said.

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