iifl-logo-icon 1

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

  • Open Demat with exclusive Advice & Services
  • Get a dedicated Relationship Manager to help you grow your wealth
  • Exclusive advisory on 20+ trading & wealth-based investment options
  • One tap Investments, Automated trading & much more
  • Minimum 1 lakh margin required
sidebar image

JSW Steel taps loan worth $900 Million from eight foreign banks

19 Apr 2024 , 02:38 PM

JSW Steel, India's largest alloy maker, has received $900 Million from a group of eight international banks to restructure debt due this month and prepay certain high-cost borrowings.

The loan was priced 180 basis points higher than the international secured overnight financing rate (SOFR) prevailing earlier this month, according to various persons familiar with the matter.

The loan is co-underwritten by eight banks: Singapore's DBS Bank, Japan's Sumitomo Mitsui Banking Corp (SMBC), the UK's HSBC and Standard Chartered, France's BNP Paribas, the UAE's Mashreq Bank and First Abu Dhabi Bank, and Taiwan's CTBC Bank.

According to a source familiar with the matter, the company has upcoming repayments, including a $500 Million bond maturing this month. The funds raised will be allocated towards settling this debt along with other foreign currency loans, with any remaining amount directed towards capital expenditure. JSW Steel did not provide a response to an email inquiry.

JSW raised $500 million in April 2019 with a five-year bond at 5.95%, which is due for repayment this month. The loan proceeds will help the corporation repay the bond. The three-month SOFR is now trading at approximately 5.35%, and JSW will pay around 7.15% for the loan, which is 180 basis points above that rate.

Meanwhile, the bank consortium plans to do roadshows in Singapore and Dubai later this month to syndicate the loan. Syndication entails including more lenders in the loan deal for a charge. Usually, the lead arrangers pocket the majority of the loan for themselves.

JSW Steel, the leading entity within the $23 billion JSW Group, possesses a steel production capacity of 30 million tonnes and stands as one of the most cost-effective steel manufacturers worldwide. Presently, the company is engaged in a capital expenditure initiative aimed at expanding its capacity to 50 million tonnes by the fiscal year ending March 2031.

For feedback and suggestions, write to us at editorial@iifl.com

Related Tags

  • JSW Steel
  • JSW Steel Bank Loan
  • JSW Steel Funding
  • JSW Steel Loan
  • JSW Steel news
  • JSW Steel Updates
sidebar mobile


Read More

Most Read News

Indian markets close the day in red
29 May 2024|04:50 PM
Power Mech gets new order of Rs 563.23 crore
29 May 2024|04:52 PM
Man Industries gets new orders of ₹490 Crore
29 May 2024|05:18 PM
Read More
Knowledge Centerplus

Logo IIFL Customer Care Number
1860-267-3000 / 7039-050-000

Logo IIFL Securities Support WhatsApp Number
+91 9892691696

Download The App Now

Knowledge Centerplus

Follow us on


2024, IIFL Securities Ltd. All Rights Reserved

  • Prevent Unauthorized Transactions in your demat / trading account Update your Mobile Number/ email Id with your stock broker / Depository Participant. Receive information of your transactions directly from Exchanges on your mobile / email at the end of day and alerts on your registered mobile for all debits and other important transactions in your demat account directly from NSDL/ CDSL on the same day." - Issued in the interest of investors.
  • KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.
  • No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investor's account."

www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.

  • 9 out of 10 individual traders in equity Futures and Options Segment, incurred net losses.
  • On an average, loss makers registered net trading loss close to Rs. 50,000.
  • Over and above the net trading losses incurred, loss makers expended an additional 28% of net trading losses as transaction costs.
  • Those making net trading profits, incurred between 15% to 50% of such profits as transaction cost.
Copyright © IIFL Securities Ltd. All rights Reserved.

Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248

We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.