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JSW refinances Rs 6,000-cr Ispat debt, Japan’s JFE plans to raise JSW stake

JSW ISPAT Steel Ltd.(Amalgamation) | Steel & Iron Products | Metals & Mining | BSE: 500305 | NSE: JSWISPAT

23 Aug 2011 Evaluate

JSW Ispat Ltd has completed the Rs 6,000 crore debt refinancing deal. The lead bankers for this term loan are Bank of India, Canara Bank and Punjab National Bank. The term loan is approved by a consortium of 10 banks. The earlier loans to Ispat were between 14 per cent and 19 per cent and the new loan terms will give some benefit in terms of cost savings to JSW Ispat. With this refinance, Ispat is finally out of the corporate debt restructuring process. The major lenders to Ispat prior to the refinance were IDBI Bank with Rs 3,000 crore, ICICI Bank Ltd (Rs 1,800 crore) and IFCI Ltd with Rs 1,500 crore. Ispat owned Rs 2,000 crore to SBI as part of its working capital requirements.

In December, JSW Steel had agreed to buy a controlling 41.3 per cent stake in Ispat Industries for Rs 2,157 crore, valuing the company at Rs 5,224 crore. JSW Steel owns 49.3 per cent in Ispat and has cleared its intentions to up the stake from open market share purchases. JSW Steel has its downstream units at Tarapur and Vasind and is feeding steel to those plants from Ispat's three million tonne Dolvi plant, thereby saving on freight costs of transporting steel from its Karnataka steel plant. The company is also using Ispat's retail outlets to further its strategy of selling steel through retail chain, JSW Shoppe.

Japan’s JFE is planning to increase its shareholding in JSW Steel to meet corporate norms that will allow the international steelmaker to consolidate JSW’s earnings into the Japanese company’s balance sheet. JFE, the world’s fifth-largest steelmaker, paid $1 billion last year to own 14.9%in JSW, as the Japanese company wanted to increase its presence in the Indian steel market. However, as per the 2010 shareholder agreement, there is no provision for the Japanese company to increase its stake. The 14.9% stake was agreed to comply with the trigger limit for an open offer, which is activated once the stake touches 15%. JFE would strengthen its ties with JSW Steel by either boosting its stake in the company or by increasing its presence on board.crack crack

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JSW refinances Rs 6,000-cr Ispat debt, Japan’s JFE plans to raise JSW stake

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