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Business News/ Companies / JSW Steel raises $500 million by selling forex bonds
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JSW Steel raises $500 million by selling forex bonds

The money raised will be used primarily to refinance existing debt

The bond sale follows investor meets in Singapore, Hong Kong and London this week. Photo: BloombergPremium
The bond sale follows investor meets in Singapore, Hong Kong and London this week. Photo: Bloomberg

Mumbai: JSW Steel Ltd, the Mumbai-based company controlled by billionaire Sajjan Jindal, has raised $500 million by selling bonds to investors in Asia and Europe in a deal that closed late on Wednesday night.

“Quality investors from Asia and Europe participated in the sale which was sealed at 4.75% yield," said a person involved in the deal, who requested anonymity.

The bonds will mature in the next five years, this person added.

The bond sale follows investor meets in Singapore, Hong Kong and London this week.

The issue was subscribed three times, meaning investors bid a total of $1.5 billion for the bonds.

The money raised will be used primarily to refinance existing debt. In a note on Friday, rating agency Fitch Ratings Inc. had assigned a BB+ rating with a stable outlook on the bond.

Citibank NA, Australia and New Zealand Banking Group (ANZ), Credit Suisse AG, Deutsche Bank AG and Standard Chartered Plc were the bankers to the issue.

The issue is a Regulation S transaction, which means that it was not open to investors based in the US.

The bonds will be listed on the Singapore stock exchange.

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Published: 06 Nov 2014, 02:17 PM IST
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