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    HomeNewsBusinessCompaniesJSW Steel raises $400 million through bond issue

    JSW Steel raises $400 million through bond issue

    The funds will be used to refinance existing loans and for some other corporate needs, said a senior executive from the industry.

    Prince Mathews Thomas
    September 24, 2019 / 20:44 IST

    JSW Steel has raised $400 million through a bond offering to international investors.

    The bonds have a term of 5.5 years and priced at a yield of 5.375 percent, sources said.

    The funds will be used to refinance existing loans and for some other corporate needs, said a senior executive from the industry.

    The bonds issue was rated Ba2 (positive) by Moody’s.

    Joint lead managers and joint bookrunners is the bond issue were Standard Chartered Bank, ANZ, Barclays, BNP Paribas, Citigroup, Credit Suisse, Deutsche Bank, First Abu Dhabi Bank, ING, J.P. Morgan and Mizuho Securities.

    The bond issue is part of the board-approved plan to raise up to $1 billion.

    Prince Mathews Thomas
    Prince Mathews Thomas heads the corporate bureau of Moneycontrol. He has been covering the business world for 16 years, having worked in The Hindu Business Line, Forbes India, Dow Jones Newswires, The Economic Times, Business Standard and The Week. A Chevening scholar, Prince has also authored The Consolidators, a book on second generation entrepreneurs.
    first published: Sep 24, 2019 08:44 pm

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