GIC, Goldman, others line up for JSW arm’s $707-m bonds
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The company is said to have lowered the funding cost from its initial guidance pegged at 4.5 percent, with 10-year maturity.
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Sajjan Jindal-controlled JSW Energy is planning to raise up to $1 billion in a maiden dollar bond sale, ET reported on March 25.
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GIC, Goldman Sachs, China Asset Management, FIL Investment (Fidelity), UBS and Schroder Investment are among the bidders for JSW Hydro Energy’s $750-million overseas green bond sale that drew offers more than four times the target, market sources told ET.
The company is said to have lowered the funding cost from its initial guidance pegged at 4.5 percent, with 10-year maturity. Those bonds likely yielded at 4.125 in the primary sale, about 38 basis points lower, dealers said. The widow for subscription was not yet closed until the publication of this report.