Wipro logo
Wipro logo

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, Wipro had said the board of Wipro IT Services had approved a proposal for issuing US dollar denominated notes of up to $750 million.

"...the board of directors of Wipro IT Services LLC (issuer) - being a company incorporated under the laws of Delaware and being a wholly owned step down subsidiary of Wipro Ltd - has approved the pricing, tenure and other terms of the US dollar denominated notes," a regulatory filing on Thursday said.

The size of the issue is $750 million and the tenure is five years, it added.

The date of issue of the Notes is June 23, 2021, and the maturity date is June 23, 2026, as per the filing.

The filing said the USD denominated, fixed rate, senior, unsecured notes will entail coupon rate at 1.50 percent 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," the filing said.

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Free Press Journal