JSW Steel to raise up to USD 400 mn

JSW Steel on Tuesday said it will raise up to USD 400 million through the external commercial borrowing (ECB) route. The Finance Committee of the board of directors of JSW Steel has approved the issuance of fixed rate senior unsecured notes aggregating to USD 400 million and has approved the pricing, tenure and other terms of the notes, it said in a regulatory filing.

"The company intends to use all the proceeds for capital expenditure or any other purpose in accordance with the ECB guidelines," it said. JSW Steel said the bonds have been rated Ba2 by Moody's Investor Service and BB (EXP) by Fitch Ratings.

The notes, bearing interest rate of 5.375 per cent per annum, to be payable semi-annually has been set for allotment date of October 4, 2019 and maturity date of April 4, 2025. The notes will be listed on the Singapore Exchange Securities Trading, the company said.

JSW Steel shares closed 4.21 per cent down at Rs 233.40 on BSE.