Steel Exchange India Completes Refinancing of Rs 350 Crores at Significantly Reduced Interest Rates

Steel Exchange India Limited has successfully completed the refinance facility of Rs 350 crores from Kotak Mahindra Investments Limited, Oxyzo Financial Services Limited and Kotak Credit Opportunities Fund. This refinancing has enabled the company to prepay/takeover its existing Non-Convertible Debentures (NCDs) and Term loan of Rs. 340 crores from Neo Asset Management Private Limited, True North Credit Opportunities Fund I, Neo Special Credit Opportunities Fund, Capri Global Capital Limited and others. The new NCDs carry an interest rate reduction of approximately 5.50% compared to the previous borrowing cost of 18.75% per annum, resulting in substantial savings of finance costs. The revised terms also include an extended repayment tenure of 5 years from the date of sanction i.e. up to September 2030.