Milbank LLP advised the joint lead managers in connection with the issuance of US$500 million 5.95% notes due 2024 by JSW Steel Limited (“JSW”), one of the largest steelmakers in India.
JSW, which has an installed annual capacity of 18 million tons, will use the proceeds to retire debt and cover capital expenditure.
The joint managers included Australia and New Zealand Banking Group Limited; BNP Paribas; Citigroup Global Markets Limited; Credit Suisse (Hong Kong) Limited; Deutsche Bank AG, Singapore Branch; First Abu Dhabi Bank PJSC; J.P. Morgan Securities plc; Mizuho Asia Securities Limited; SBICAP (Singapore) Limited; and Standard Chartered Bank.
The Milbank team was led by Hong Kong-based Capital Markets partner James Grandolfo with associates Kurtis Sherwood and York Wu.
Mr. Grandolfo said: “We are thrilled to have played a role in supporting one of India’s largest conglomerates in its fundraising goals for international bond sales. The overwhelmingly positive response to JSW’s issuance has been exciting to watch unfold and we look forward to continuing to help clients capitalize on the strength of the international bond market.”
The deal closed on April 19, 2019.
