NEW DELHI, 9 June 2020: Due to COVID-19 crisis, UPL Limited’s (formerly known as United Phosphorus Limited) subsidiary, UPL Corporation Limited, Mauritius is considering issue of 10 year US$ denominated notes. (BSE: 512070; NSE: UPL)
The company is a filing to National Stock Exchange (NSE) said, “We would like to inform you that UPL Corporation Limited, Mauritius, (UPL Corp) subsidiary of the Company, is considering issue of 10 year US$ denominated – Regulation S only Senior Notes (Notes), subject to market conditions.”
The company did not said how much they are looking to raise through this route and what will be the rate of interest after maturity.
The proceeds of the notes, if issued shall be utilized to fund buy back through tender offer of existing USD $500 million 3.25 percent Notes – due in 2021 (Bonds), in whole or part, the filing added.
Considering Covid-19 situation, UPL considers it prudent to raise finance about twelve months in advance of the upcoming maturity of the Bonds and manage the liability proactively.
The company made it clear that t issuance of Notes will not result in increase in Net Debt of UPL.
Headquartered in Mumbai, UPL manufactures and markets agrochemicals, industrial chemicals, chemical intermediates, and specialty chemicals, and also offers crop protection solutions.
UPL is the fifth largest generic agrochemicals company in the world after Bayer, Dupont, Syngenta and BASF.