Jaguar Land Rover Automotive plc, a wholly owned subsidiary of the Indian company Tata Motors Limited, announced bond issue worth US$500 million. The proceeds of this issue were to be used to refinance costlier outstanding bonds. The company was able to raise new debt at substantially lower interest rates than its outstanding debt as a result of its sustained good performance, which led to strong company fundamentals and improved credit ratings. Students will analyze the various motivations for such a financial strategy, whether it will lead to cost savings or cash flow savings and, if so, the extent of the savings.
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