Hindalco Industries (NSE:HINDALCO, BOM:500440) subsidiary Novelis said its indirect unit, Novelis Corporation, plans to raise $750 million through the issuance of bonds, according to a Wednesday filing with the Indian bourses.
Novelis Corporation priced an offering of $750 million aggregate principal amount of 6.875% senior bonds due January 2030, which represents an increase of $250 million from the previous offering size, at par value. The bonds will carry an interest rate of 6.875% per annum.
The proceeds from the offering will be used to repay the company's $738 million of outstanding borrowings. The remaining proceeds will be used for general corporate purposes, the filing said.
The offering is expected to close on Jan. 13, subject to customary closing conditions.
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