Union Bank of India raises USD 600 mn from bonds

New Delhi, Aug 28 (PTI) State-owned Union Bank of India has raised USD 600 million from bonds issued to overseas investors to fund business growth.

The fund raised by issuing USD REG S Senior Unsecured Dual Tranche Notes due 2029 (3 years) and 2031 (5 years) of USD 300 million each issued through Union Bank of India Dubai International Financial Centre (DIFC) branch, the bank said in a regulatory filing on Friday.

‘Regulation S’ tagged instruments are exempt from registration requirements of the US Securities and Exchange Commission (SEC) and can be issued outside the US.

The 3-year bonds carries a coupon rate of 5.230 per cent while 5-year 5.417 per cent to be paid semiannually on February 28 and August 28 each year, it said.

These bonds would

be listed at NSE IFSC Limited, it said. PTI DP TRB