Wipro IT Services to issue US dollar denomination notes worth USD 750 million on June 23
IT services major Wipro on Thursday said its subsidiary Wipro IT Services has raised $750 million from overseas bond sales. Last week, Wipro had announced that Wipro IT Services would issue USD 750 million denomination notes on June 23. A proposal for this was approved by the board of Wipro IT Services on June 10.
“Wipro IT Services LLC (the issuer) … has raised $750 million by issuing and allocating 1.50% note(s) to eligible institutional buyers,” a regulatory filing said on Thursday.
The Notes are guaranteed by Wipro as on June 23, 2021 executed by the Company and the Issuer along with the Trustee, Payment Agent, Registrar and Transfer Agent appointed in connection with the issue of the Note.
Wipro has fulfilled the guarantee obligations in respect of the Notes under the contract. The filing mentioned that its potential liability under the guarantee is equal to 105 per cent of the total principal amount of notes outstanding from time to time, which is initially USD 787.5 million (guaranteed amount).
The filing said that the guarantee would be issued subject to the guarantee amount, on full payment of the notes and the amount payable under the guarantee. In its previous filing, Wipro had said that the note issue date is June 23, 2021 and the maturity date is June 23, 2026. The net proceeds of the notes are to be used for refinancing existing debt and general corporate purposes. .
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