Key Quantitative Figures
The company has fully redeemed its fixed rate, unsubordinated, and unsecured Notes with the following details:
- Issue Size: US$500,000,000
- Coupon Rate: 3.95% per annum
- Original Maturity Date: April 5, 2027
Dates of Action
- Issuance & Allotment Date: The Notes were allotted on or about September 23, 2021, as per a previous intimation.
- Early Redemption Date: The Notes were fully prepaid and redeemed on October 7, 2026.
Parties Involved
- Issuer: JSW Steel Limited
- Regulated Stock Exchanges (Primary Addressees): National Stock Exchange of India Limited (NSE) and BSE Limited.
- Other Stock Exchange: A copy of the disclosure was also sent to the Singapore Exchange Securities Trading Limited.
- Company Representative: The disclosure was signed by Manoj Prasad Singh, Company Secretary (in the interim capacity).
Purpose or Stated Rationale
The early redemption was executed by the Company exercising a right available to it as per the original terms governing the Notes.
Financial and Capital Structure Impact
- The action results in the complete extinguishment of a US$500 million debt obligation from the company's balance sheet.
- The disclosure confirms that the Company has prepaid "all the obligations" under the Notes, implying all principal and accrued interest due as of the redemption date has been settled.
- The early redemption alters the company's debt maturity profile by removing a liability previously due in 2027.