The Noida-based HCL Applied science has stated that HCL America Inc, a wholly owned step-down subsidiary of HCL Technologies proposes to boost $500 million by issuing fastened rate, senior unsecured notes.

HCL Technologies states, “Its subsidiary intends to use the net proceeds of the sale of the notes for refinancing its existing debt and meeting its working capital requirements.”

The notes which would be listed on the Singapore Exchange Securities Trading Limited (SGX-ST), have a freehold of five year as allotment that would be done on March 10, 2021 and the date of maturity date is March 10, 2026.

“The Issuer intends to make use of web proceeds sales of the Notes for refinancing its current debt and or assembly its working capital necessities. The Notes will probably be listed on the Singapore Alternate Securities Buying and selling Restricted (SGX-ST),” the corporate adds inan inventory trade submitting.

"The notes will bear interest from and including March 10, 2021 to (but excluding) March 10, 2026, at the rate of 1.375 per cent per annum on 30/360 basis, payable semi-annually in arrears on March 10 and September 10 each year," added HCL team.

March 10 and September 10 of each year will be the dates for interest payment, commencing on September 10, 2021.