Indian auto parts manufacturer Samvardhana Motherson Autosystems Group BV SMRPBV completed its debut dollar bond overnight on Wednesday, with analysts speculating proceeds will fund a US MA deal.
The Uttar Pradesh-based company has been expanding rapidly in recent years and wants to quadruple revenues by 2020 through a 5050 mix of organic and inorganic growth.
This expansion is highly likely to be funded by increased borrowings given the documentation for SMRPBV's $300 million December 2021 deal callable 2019 allows for significant additional debt, in the words of SP.
This factor and the company's less well-known brand name were...
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