Essar Steel starts roadshow for benchmark seven-year note offering

By Paul A. Harris

St. Louis, April 12 - Essar Steel Holdings Ltd. and Gallop Holding LLC began a roadshow on Monday for their benchmark-sized dollar-denominated offering of seven-year senior unsecured notes (B2/B), according to an informed source.

The roadshow wraps up on April 22.

UBS Investment Bank, Bank of America Merrill Lynch, Deutsche Bank Securities and Standard Chartered Bank are the joint bookrunners for the deal, which is being marketed via Rule 144A and Regulation S, without registration rights.

The notes come with four years of call protection.

Proceeds will be used to refinance existing debt, to fund capital expenditures and acquisitions, and for general corporate purposes.

Essar is a vertically integrated global steel producer based in Mumbai, India.

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