Tata Teleservices, country's sixth-biggest cellular carrier by customers, is reportedly planning to raise Rs 500 crore through triple-tranche bonds, a termsheet showed. As per the document, the firm will raise Rs 250 crore in 3-year bonds and Rs 125 crore each from 4 and 5-year bonds at 11% coupon.
Further, the company plans to utilize the proceeds of the firm to refinance existing debt and for meeting operating expenditure. Meanwhile, Yes Bank is the sole arranger of the bond sale, which are rated as ‘CARE A+’ by CARE.
Tata Teleservices Maharashtra (TTML) is a part of the Tata Group. This telecom services company has its presence all over Maharashtra and Goa.
