JSW Steel Limited updates on JSW Ohio

Jefferson County Port Authority, a port authority and a body corporate and politic organized and existing under the laws of the State of Ohio ("Port Authority") has issued special, limited obligations bonds (the "Bonds"), the proceeds of which will be utilised for extending a loan (the "Loan") to JSW Steel USA Ohio, Inc., incorporated under the laws of Ohio (the "JSW Ohio"), a wholly owned indirect subsidiary of JSW Steel Limited (the "Company").

The Bonds issued are for an aggregate principal amount of $40,000,000 and have a coupon of 3.50% with a tenor of more than 30 years (maturity date of December 1, 2051). As indicated in our letter dated August 25, 2021, the Company will provide a guarantee on behalf of JSW Ohio, which will be utilised to secure the repayment of the Bonds.

Further, Moody's have assigned a rating of Ba2 to the Bonds.

Shares of JSW Steel Limited was last trading in BSE at Rs. 676.9 as compared to the previous close of Rs. 687.5. The total number of shares traded during the day was 121883 in over 2843 trades.

The stock hit an intraday high of Rs. 692 and intraday low of 675. The net turnover during the day was Rs. 82911036.

Source : Equity Bulls

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