AM/NS India parent raises $5.146 billion from Japanese lenders to refinance loans

AMNS Luxembourg Holding S.A. (AMNS), the parent company of ArcelorMittal Nippon Steel India Limited (AM/NS India), has raised $5.146 billion (around ₹38,000 crore) from Japanese banks as 10-year term loan to refinance the loans taken by ArcelorMittal to fund the Essar Steel acquisition.

“The proceeds of the loan will be used to refinance in full the amounts borrowed by AMNS in connection with the acquisition of AM/NS India (formerly known as Essar Steel India Limited), including the amounts borrowed under the $7 billion bridge term facilities agreement guaranteed by ArcelorMittal,” ArcelorMittal said in a statement.

Japan Bank for International Cooperation, MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation, Mizuho Bank Europe N.V. and Sumitomo Mitsui Trust Bank, Limited (London Branch) are the bankers to the deal.

ArcelorMittal, along with its partner Nippon Steel, completed the acquisition of the erstwhile Essar Steel (later change its name to AMNS India) though the insolvency route in December 2019 for ₹42,785 crore.

The approved resolution plan included a capital injection of ₹8,000 crore.

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Printable version | Jul 15, 2020 3:00:14 PM |

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