Private credit firm Neo Asset Management has refinanced an INR 275-crore loan taken by Steel Exchange India from Edelweiss Alternatives. Neo has also provided a fresh primary loan of INR 100 crore to Steel Exchange at 18.75%, bringing down the previous loan cost of over 21%.
It has refinanced the existing loan with a four-and-a-half-year tenor and an 18.75% per annum coupon, commencing monthly payments from December 2023.
Steel Exchange also plans to issue convertible equity warrants to non-promoter entities, including Neo Special Credit Opportunities Fund, True North Credit Opportunities Fund, Kolluri Impex, Shakti International and two other funds, infusing a total of INR 164 crore in fresh capital.
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