JSW refinances Rs 6,000-cr Ispat debt

Mumbai : JSW Ispat Ltd has completed the Rs 6,000 crore debt refinancing deal. A source close to the development confirmed the new average interest rate for the refinance is 11.75 per cent, lower than the earlier rates. 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 source said. “The State Bank of India has not taken any exposure in the term loan."

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. JSW Steel refused to comment on the development.