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Khaitan acts for Bank of Baroda on $304m term loan to JSW for Odisha mines buy

According to Khaitan & Co, Bank of Baroda extended financial assistance to JSW Steel “in the form of term loan for a sum not exceeding of INR 1294.65 crores and bank guarantee facility for a sum not exceeding INR 1000 crores for the purpose of financing the upfront payment obligations of JSW under the tender documents as a preferred bidder for acquisition of mining lease pertaining to Ganua Block for Iron Ore, the Jajang Block for Iron Ore, the Narayanposhi Block for Iron and manganese and the Nuagaon Block for Iron Ore, in Odisha”.

Khaitan & Co advised Bank of Baroda led by a team of partner Manisha Shroff and principal associate Smita Jha represented the client on the transaction. partner Shivanshu Thaplyal also assisted on the mining laws related queries on the transaction.

According to the firm:

The term loan facility of INR 1294.65 crores and the bank guarantee facility of INR 1000 crores have been provided to JSW for making upfront payment for the acquisition of the Mines and furnishing the relevant performance / payment guarantees under the tender documents and some other payments to be made with respect to the acquisition and development of the Mines. Majority parts of the Mines are over forest land over which mortgage cannot be created by JSW under applicable laws. Hence the security package had to be structured in a manner to maximize value for the lenders while continuing to comply with the restrictions on creation of mortgage over forest land.

This deal has not been reported by any mainstream media outlets at the time of going to press and is based on the information supplied in a law firm's press release.


Deal value: USD 304 million

This deal report is based on a firm's press release and may be only partially complete. Some firms or names of advisers may be therefore be missing.

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