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HCL Tech’s US Arm To Raise $ 500 Million via Senior Unsecured Notes

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HCL Tech’s US Arm To Raise $ 500 Million via Senior Unsecured Notes

Noida-based HCL Technologies on Thursday said HCL America Inc., a wholly-owned US-based step-down subsidiary, proposes to raise $500 million through the issuance of fixed-rate, senior unsecured notes.

“The Issuer intends to use the net proceeds of the sale of the Notes for refinancing its existing debt and/ or meeting its working capital requirements. The Notes will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST),” the company said in a stock exchange filing.

The tenure of the instrument will be of five years with March 10 as the date of allotment and the maturity date will be March 10, 2026, it said.

“The Notes will bear interest from and including March 10 to (but excluding) March 10, 2026, at the rate of 1.375 percent per annum on 30/ 360 basis, payable semi-annually in arrears on March 10 and September 10 each year,” HCL said adding that interest payment date is March 10 and September 10 of each year, commencing on September 10 this year.

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