News Column


July 4, 2014

The requisite consents has been secured by Essar Steel Minnesota LLC from the holders of its USD 450,000,000 aggregate principal amount outstanding of 11.500% Senior Secured Notes due 2020 pursuant to its previously announced consent solicitation.

The Supplemental Indenture and the Amendment to the Escrow Agreement (each as defined in the Notice of Consent Solicitation dated June 23rd 2014 (as supplemented by Supplement No. 1 to the Notice of Consent Solicitation dated June 24th 2014, the "Notice")) giving effect to the proposed amendments reflected in the Notice have been performed, comprising an extension of certain conditions pertaining to the Notes.

It is affirmed by ESML that during the proposed extension period, enough financing of at least USD 200 million remains available to the project and it would be invested during that time. The extension will not alter the expected timetable to begin production by the middle of 2015.

It is expected that the Construction activity at the project site would proceed to raise in accordance with ESML's construction plan.

USD 367.5 million is being endowed by Essar Global Fund Limited, ESML's ultimate parent company to date and having committed to investing over USD 350 million more, totaling an investment of at least USD 717.5 million.

Till now, more than USD 990 million of the planned USD 1.8 billion total expenditure is being invested by ESML for the project.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: TendersInfo (India)

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters