JSW Steel’s Debut International Bond Offering
Milbank, Tweed, Hadley & McCloy LLP recently advised JSW Steel Limited, one of India’s leading steel producers, on its debut international bond offering of 4.75% Notes due 2019. Citigroup, Australia and New Zealand Banking Group Limited, Credit Suisse, Deutsche Bank and Standard Chartered Bank served as Joint Lead Managers and Joint Bookrunners for the issue.
James Grandolfo
Use of Proceeds and Investor Reception
The proceeds from the Notes will be used to fund the prepayment, repayment and refinancing of certain of JSW Steel’s Rupee-denominated term loans. According to JSW Steel, the response from investors for the Notes was overwhelming, with orders aggregating over US$1.75 billion.
Milbank’s Legal Team and Advisory Role
The Milbank team was led from Hong Kong by partner James Grandolfo, with support from senior associate Kurt Sherwood and associate York Wu. Singapore-based securities partner Giles Kennedy and associate Ka-Wai Woo also provided support.
Milbank’s Perspective on the Transaction
Global Securities partner James Grandolfo commented, “We are extremely pleased to have acted for JSW on their first foray into the international debt capital markets. The overwhelming response from investors is a clear indication of JSW’s position as one the leading Indian steel producers and the renewed interest of investors in India’s debt capital markets.”
