Debt

Debt financing

Hindalco’s US arm Novelis secures $800-M

Economic Times  

AV Minerals (Netherlands) NV, a holding company for Novelis, Hindalco's US business, has raised USD 800 million through a five-year term loan. The lenders for this facility include Mitsubishi UFJ Financial Group (MUFG), Standard Chartered, and Hong Kong and Shanghai Banking Corp (HSBC). MUFG also served as a deal advisor, documentation coordinator, and facility agent for the transaction.The Oswego County plant in New York (USA) is a key asset for Novelis, supplying 40% of the aluminium sheets used by US automakers, including Ford. The funds are aimed at facilitating the full-fledged restart of operations at this plant, which has experienced three reported fires.