Jaguar Land Rover's $1.6 bn bond issue oversubscribed
MUMBAI: Luxury carmaker Jaguar Land Rover's 1.0 bn pound ($1.6 bn) bond sale saw "significant" oversubscription from investors , its Indian parent Tata Motors said Friday, as it priced the issue.
"We are pleased to have completed this transaction which we believe demonstrates the market's confidence in our company and its plans," said Jaguar Cars and Land Rover chief financial officer Kenneth Gregor.
The issue, designed to partly refinance debt and develop its operations, "was significantly oversubscribed by investors", Gregor added in a statement to the Bombay Stock Exchange but gave no further details.
Tata Motors called the sale a success and said it would help strengthen Jaguar Land Rover's finances without having to rely on the support of the parent company, which is India's biggest vehicle maker.
The deal was "a major milestone in significantly strengthening the capital structure" of the two luxury marques, Tata Motor's chief financial officer C. Ramakrishnan said.
The three-part sale includes a sterling bond and a dollar issue, both with a seven-year maturity. The final tranche will be a 10-year dollar-denominated bond.
Tata Motors bought Jaguar and Land Rover from US Ford Motor Co in 2008 for $2.3 bn -- a purchase that coincided with the global financial crisis that hit sales of the luxury cars.
The Indian company took a $3 bn loan to finance the purchase.
Jaguar Land Rover swung back to profit last year following a deep sales downturn during the financial slump.
Last week it said it was looking for a partner in the fast-growing Chinese car market and plans to invest five bn pounds ($8 bn) in developing new high-performance vehicles over the next five years.
Land Rover Sales - News
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Tata Motors bought Jaguar and Land Rover from US Ford Motor Co in 2008 for $2.3 bn -- a purchase that coincided with the global financial crisis that hit sales of the luxury cars. The Indian company took a $3 bn loan to finance the purchase.
Jaguar Land Rover Plc, the UK carmaker bought by India's Tata Motors Ltd. (TTMT) in 2008, is raising 1 billion pounds ($1.64 billion) from pound- and dollar- denominated high-yield senior notes as low
Jaguar Land Rover saw sales slide year on year in April in line with the overall national trend – but experts said the market would return to growth. Figures released by the Society of Motor Manufacturers and Traders show that Land Rover sold 1712
Williams believes Jaguar Land Rover is too small, and despite having some excellent models, needs much more volume to be able to compete with the Germans. Jaguar Land Rover's global sales last year were just over 240000, with Land Rover accounting for
Land Rover reporting increased sales for 2011 | Free Articles ...
If you live somewhere out in the countryside chances are you see Land Rovers every time you’re out on the roads. They’re a popular car to buy for people who need a vehicle to drive on less accessible country tracks and for farmers up and down the country they’ve been a farm essential for decades.
Land Rover recently reported increased sales with the highest monthly total in their 63 year UK history set in March 2011. In addition to a strong performance in the UK market, Land Rover is also seeing a strong performance across markets such as China and India, North America and Russia.Land Rover recently reported increased sales with the highest monthly total in their 63 year UK history set in March 2011. In addition to a strong performance in the UK market, Land Rover is also seeing a strong performance across markets such as China and India, North America and Russia.
The Global Brand Director for the company says that the imminent arrival of their most fuel efficient model to date, the Range Rover Evoque should boost their sales further. One motoring magazine has claimed the Evoque will change the way we think about 4x4s. The lower emissions will help reduce the manufactures reputation for making gas-guzzling cars and with the new start-stop system, the Evoque can return close to 50 mpg making it more fuel efficient than what Land Rover owners have previously been accustomed to.The Global Brand Director for the company says that the imminent arrival of their most fuel efficient model to date, the Range Rover Evoque should boost their sales further. One motoring magazine has claimed the Evoque will change the way we think about 4x4s. The lower emissions will help reduce the manufactures reputation for making gas-guzzling cars and with the new start-stop system, the Evoque can return close to 50 mpg making it more fuel efficient than what Land Rover owners have previously been accustomed to.
Land Rovers are sold by specialist dealers up and down the country including companies such as Northern Ireland’s Charles Hurst. Land Rover is also a common feature at used car dealers and one of the more popular models is the Freelander 2. One motoring magazine claims it’s one of the best compact SUVs on the market and the latest model includes stop-start technology which reduces the CO2 emissions and makes the Freelander 2 more competitive in relations to offerings such as the Ford Kuga.
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