NEW DELHI: HCL America Inc, a wholly owned step-down subsidiary of HCL Technologies plans to raise USD 500 million by issuing fixed rate, senior unsecured notes.

In a statement, HCL Technologies Limited said that 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 will be listed on the Singapore Exchange Securities Trading Limited (SGX-ST), have a tenure of five year as allotment would be done on March 10, 2021 and the date of maturity date is March 10, 2026.

"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," it said.

Dates for interest payment are March 10 and September 10 of each year, commencing on September 10, 2021.

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