Issuers tempted to ditch US TLBs for Asia bank liquidity

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By Shruti Chaturvedi
17 Nov 2016

Novelis is to refinance debt raised in the US with an Asia loan, becoming the second company in India’s Aditya Birla Group to replace its term loan B with Asian liquidity. With plenty of cost savings on offer, bankers expect more companies to take a similar approach to fundraising, writes Shruti Chaturvedi.

US based-Novelis is seeking lenders for a $1.8bn refinancing that will take out a TLB borrowed in August last year. The move follows discussions with banks in Asia since April, as GlobalCapital Asia has reported.

Its decision follows that of Birla Carbon, also part of the Aditya ...

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