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JSPL May Sell Dollar Bonds to Repay Offshore Debt - Report

Steel News - Published on Wed, 26 Feb 2020

Image Source: ET
Mint, citing people aware of the development, reported that Jindal Steel and Power Ltd is preparing to sell dollar-denominated bonds to refinance debt held by its overseas units, which include a steel plant in Oman and coal mines in Africa and Australia. A source told Mint “They have a debt of around USD 750 million in their overseas business. They might do a single bond or tranches, which will be used to refinance the debt. They are in advanced stages of appointing a banker syndicate to work on these bonds.”

Sources added “The group’s performance has seen steady improvement, their capex investments have been completed and thus the financials are expected to improve going ahead. The group has also actively worked on deleveraging its balance sheet both at the operating company and at promoter level in the last 2-3 years.”

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Posted By : Nishith Sharma on Wed, 26 Feb 2020
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