9 hours ago
JSW plans Rs 4,000 crore debt sale to fund Akzo Nobel acquisition deal
Indian conglomerate
JSW Group
is in talks with
global lenders
to raise about 40 billion rupees ($468 million) to partly fund its purchase of
Akzo Nobel NV
's local business, according to people familiar with the matter.
Foreign banks including Barclays Plc, Mitsubishi UFJ Financial Group Inc. and
Standard Chartered Bank
Plc will arrange the debt, which is expected to be denominated in rupees, said the people, who asked not to be identified because the information is confidential.
JSW Group has also reached out to international private credit funds including Ares Management Corp, Cerberus Capital Management and Farallon Capital Management though nothing has been finalized yet, said the people. Morgan Stanley, a bank on the acquistion, will also be involved in the borrowing, two of the people said.
Play Video
Play
Skip Backward
Skip Forward
Mute
Current Time
0:00
/
Duration
0:00
Loaded
:
0%
Stream Type
LIVE
Seek to live, currently behind live
LIVE
Remaining Time
-
0:00
1x
Playback Rate
Chapters
Chapters
Descriptions
descriptions off
, selected
Captions
captions and subtitles off
, selected
Audio Track
Picture-in-Picture
Fullscreen
This is a modal window.
Beginning of dialog window. Escape will cancel and close the window.
Text
Color
White
Black
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Text Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Opaque
Semi-Transparent
Transparent
Caption Area Background
Color
Black
White
Red
Green
Blue
Yellow
Magenta
Cyan
Opacity
Transparent
Semi-Transparent
Opaque
Font Size
50%
75%
100%
125%
150%
175%
200%
300%
400%
Text Edge Style
None
Raised
Depressed
Uniform
Drop shadow
Font Family
Proportional Sans-Serif
Monospace Sans-Serif
Proportional Serif
Monospace Serif
Casual
Script
Small Caps
Reset
restore all settings to the default values
Done
Close Modal Dialog
End of dialog window.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Elegant New Scooters For Seniors In 2024: The Prices May Surprise You
Mobility Scooter | Search Ads
Learn More
JSW Group agreed to buy up to 75% of Akzo Nobel NV's Indian business in a deal valued at about $1.6 billion, including debt, as the Indian conglomerate seeks to expand its presence in areas such as paints.
A rupee bond deal would be a boon for supply in India's booming local debt market, which year to date has seen issuance of 6.5 trillion rupees ($76 billion), up 28.4% from a year ago, according to data compiled by Bloomberg.
Live Events
MORE STORIES FOR YOU
✕
JSW Paints inks deal to buy Dulux-owner Akzo Nobel for nearly Rs 9,000 cr, fresh coat of rivalry in over $10 bn market
Akzo Nobel India shares surge 11% as JSW Paints to become new owner in Rs 9,400 crore deal
«
Back to recommendation stories
I don't want to see these stories because
They are not relevant to me
They disrupt the reading flow
Others
SUBMIT
Acquisition financing has been a bright spot for global lenders in India, particularly private credit funds. In the second half of 2024, private credit deals showed a 'strong focus' on such deals, global consulting firm Ernst & Young wrote in a report.
The planned debt could be raised in multiple tranches and levels, and the tenor could be up to three years, said the people. The terms and currency of the deal are not yet final and could still change, they added.
Ares and Standard Chartered declined to comment. JSW Group, Barclays, Mitsubishi and other lenders did not immediately respond to requests for comment.
