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Saturday, 11 July 2020

ArcelorMittal Nippon Steel taps Japanese banks for $5.15 bn loan for Essar Steel acquisition

  • AMNS Luxembourg Holding SA, the parent company of the ArcelorMittal Nippon Steel India, the joint venture between ArcelorMittal and Nippon Steel Corporation, has entered into a $5.146 billion ten-year term loan agreement with a clutch of lenders, including Japan Bank for International Cooperation, MUFG Bank Ltd, Sumitomo Mitsui Banking Corporation, Mizuho Bank Europe NV and Sumitomo Mitsui Trust Bank Limited (London Branch). 
  • The proceeds of the loan will be used to refinance in full the amounts borrowed by AMNS in connection with the acquisition of ArcelorMittal Nippon Steel India Limited (formerly known as Essar Steel India Limited). 
  • Nippon Steel Corp, Japan’s biggest steelmaker, was formed in 2012 with the merger of the original Nippon Steel and Sumitomo Metal. The original Nippon Steel Corporation was formed in 1970 with the merger of Fuji Iron & Steel and Yawata Iron & Steel. 
  • Nippon Steel Corporation is the world's third largest steel producer by volume as of 2017.
  • Last November, India’s Supreme Court cleared the path for ArcelorMittal to take over bankrupt Essar Steel, following a legal tussle that had dragged through multiple courts for over two years.  Source: https://www.domain-b.com
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