JSW Steel, a subsidiary of JSW Steel Ltd has tied up with long-term financing with two Italian banking institutions, Intesa Sanpaolo and Banco BPM for its Plate Mill modernization project in Baytown, Texas. Of the total financing $70 mn is covered under SACE guarantee and the balance of $112 mn is a term loan.
The financing was structured by SACE’s Expert Finance Division with the contribution of the SACE office in Mumbai which has a long-standing relationship with JSW Steel. The SACE guarantee is provided with the intention of promoting Italian exports. Intesa Sanapolo (IMI Corporate and Investment Banking Division) acted as SACE Agents and co-ordinator of the commercial tranche.
Both Intesa Sanpaolo and Banco BPM have acted as Bookruners and Mandated Lead Arranagers of the two facilities.
