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MUMBAI (Reuters) – India’s Shriram Finance has accepted bids worth $500 million for its dollar-denominated bonds maturing in three years and six months, two merchant bankers said on Wednesday.
The shadow lender will pay a coupon of 6.15%, which was lower than the initial guidance of 6.50% provided by the issuer, the bankers said.
The issue received bids of around $1.2 billion. The senior notes will be rated BB by S&P and Fitch, in line with the issuer’s rating.
The bankers requested to not be named as they are not authorized to speak to media.
Barclays, BNP Paribas, Citigroup, DBS Bank, Deutsche Bank, Emirates NBD Bank, HSBC, JP Morgan, MUFG, SMBC Nikko and Standard Chartered are the lead managers for the issue.
(Reporting by Dharamraj Dhutia; Editing by Mrigank Dhaniwala)