Wipro IT Services has approved the proposed issuance of US dollar denominated notes for a total principal amount of up to $ 750 million.
The notes will be guaranteed by the company under a corporate guarantee, according to a file filed Thursday with the ESB. The net proceeds of the bonds are intended to be used for refinancing existing debt, for general corporate purposes and / or for any other purpose permitted by law.
It is proposed that the Notes will be listed on the Singapore Stock Exchange. The board of directors of the company, at its meeting of June 9, gave its approval to unconditionally and irrevocably guarantee the due and prompt payment of principal and interest and any additional amount payable under the Bonds, as and when as they become and are payable (“Guarantee”). The collateral is subject to the aggregate liability of the Company not exceeding $ 865 million (115 percent of the principal amount of the Notes).