IT services major HCL Technologies on Thursday said its subsidiary HCL America Inc has approved a proposal for issuing senior unsecured notes of up to $500 million.
The net proceeds of the notes, which are proposed to be listed on the Singapore Stock Exchange, will be used for refinancing existing debts and for general corporate purpose, a regulatory filing said.
"…HCL America Inc., a wholly-owned step-down subsidiary of the company…has approved the proposal for issuance of $denominated fixed-rate, senior unsecured notes aggregating to an amount not exceeding $500 million (Notes)," it said. The notes are backed by a corporate guarantee of the company, it added.
The Board of Directors in its meeting held on Thursday has granted its approval to "unconditionally and irrevocably" guarantee the due and punctual payment of the principal and interest, and any additional amount payable in respect of the notes, as and when the same shall become due and payable, the filing said. The guarantee is subject to the aggregate liability of the company not exceeding $525 million, it added.
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