HG bonds: HCL Technologies prints debut 2026 deal for refi purposes; terms

India-based HCL Technologies Ltd. today completed a debut $500 million offering of 1.375% five-year notes due March 10, 2026 at T+75, or 1.477%.

The new bond placement, which is issued by subsidiary HCL America, was printed in line with at-the-number guidance and through initial whispers in the T+100 area.

The new notes are guaranteed by the parent company, which offers software development, business process outsourcing and infrastructure management services worldwide.

Proceeds will be used to refinance the company's borrowings, according to S&P Global Ratings, which recently assigned an A- rating to the new offering. The agency also assigned the same first-time ratings and a stable outlook to the company in January.

"The stable outlook on HCL America reflects that on the parent. It also reflects our view that HCL Tech will maintain its good market position and strong operating cash flow over the next 12-24 months. We expect HCL Tech to remain prudent in its growth spending and shareholder distribution as well as maintain adequate surplus cash over this period," Ratings said on Feb. 28. Terms: