JSW Steel Update on Fund Raising Plans
JSW Steel raised USD 250 million by selling bonds overseas. The bond sale is an extension to its earlier issuance in October, when the steel maker raised
JSW Steel raised USD 250 million by selling bonds overseas. The bond sale is an extension to its earlier issuance in October, when the steel maker raised USD 500 million. The bonds, which opened for subscriptions Monday likely obtained an order book, three times higher than the actual size. Standard Chartered, Deutsche Bank, Credit Suisse helped the company mopping up the funds.
JSW Steel also announced that its wholly owned indirect subsidiary, Periama Holdings LLC, had earlier raised USD 500 million by allotment of fixed rate senior unsecured notes which guaranteed by the company. The issuer now considering conducting an international offering of US dollar denominated senior notes, subject to receipt of regulatory approvals. The additional notes will be fungible with the notes and would be guaranteed by the company. The proceeds of the issue will be used for repayment of part of the existing indebtedness owned to the company including interest thereon.
Moody's Investors Service says that JSW Steel Limited's (JSW, Ba2 negative) credit profile will remain unaffected by the tap offering on the existing USD 500 million senior unsecured notes issued in October 2020 by Periama Holdings LLC, a wholly owned indirect subsidiary of JSW