Wipro IT Services to issue $750 million dollar denominated notes
Wipro on Thursday said its step-down subsidiary, Wipro IT Services, will issue US dollar denominated notes worth $750 million on June 23.
The net proceeds of the notes, which are proposed to be listed on Singapore Exchange Securities Trading Ltd, are intended to be utilised for refinancing existing debt and general corporate purposes.
On June 10, the board of Wipro IT Services had approved a proposal.
The USD denominated, fixed rate, senior, unsecured notes will entail coupon rate at 1.50% per annum, payable semi-annually in arrears on June 23 and December 23 of each year, commencing December 23, 2021.
The notes will be guaranteed by Wipro.
The company’s aggregate potential liability under the guarantee is capped at an amount equal to 105 percent of the total aggregate principal amount of the notes outstanding from time to time, being initially $787,500,000.
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