MUMBAI, June 24 (Reuters) - Tata Teleservices Ltd , India's sixth-biggest cellular carrier by customers, is planning to raise 5 billion rupees ($84.50 million) through triple-tranche bonds, a termsheet showed.
The firm will raise 2.5 billion rupees in 3-year bonds and 1.25 billion rupees each from 4-, and 5-year bonds at 11 percent coupon, the document showed.
The bond is rated 'CARE A+' by CARE and the proceeds of the debt sale will be used to refinance existing debt and for meeting operating expenditure.
Yes Bank is the sole arranger of the bond sale.
The bond sale has a covenant that Tata Group and NTT Docomo should jointly hold 51 percent equity stake in the firm and that Tata Group should retain at least 26 percent stake of Tata Teleservices, the termsheet showed. ($1 = 59.1750 Indian rupees) (Reporting by Archana Narayanan; Editing by Jijo Jacob)