The proceeds of the latest loan will be used to repay an outstanding amount of $233 million under an existing bridge loan facility and for general corporate purposes, says Energy Energy.  (The proceeds of the latest loan will be used to repay an outstanding amount of $233 million under an existing bridge loan facility and for general corporate purposes, says Energy Energy. )
The proceeds of the latest loan will be used to repay an outstanding amount of $233 million under an existing bridge loan facility and for general corporate purposes, says Energy Energy.
(The proceeds of the latest loan will be used to repay an outstanding amount of $233 million under an existing bridge loan facility and for general corporate purposes, says Energy Energy. )

Essar Energy raises $300 million via loan

This loan is an addition to the existing $150 million loan facility from Axis Bank, says Essar Energy

Mumbai: Essar Energy Plc, the London-listed unit of India’s Essar group, said on Thursday that it has borrowed $300 million from the Export-Import Bank of China.

This loan is an addition to the existing $150 million loan facility from Axis Bank Ltd, the company said in a statement. The agreement with Axis Bank allowed Essar Energy to increase the borrowing to $450 million. Both these loans will have to be paid back by 2017.

The proceeds of the latest loan will be used to repay an outstanding amount of $233 million under an existing bridge loan facility and for general corporate purposes, the company said.

“The upsizing of the existing Axis facility following Exim Bank’s agreement to lend a further US$300 million marks a further milestone in our programme to strengthen our balance sheet and improve liquidity within Essar Energy," Deepak Maheshwari, chief financial officer of Essar Energy, said in a statement. “We continue to make good progress with our refinancing activities across our power and oil and gas businesses to lower risk, lower costs and extend repayment maturity time frames."

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