USA's JSW Steel Ohio intends to raise US long-term capital.

An exchange filing states that JSW Steel USA Ohio intends to raise long-term capital in the US municipal bond markets. The domestic steel manufacturer JSW Steel Limited has a wholly-owned indirect subsidiary called JSW Steel USA Ohio. USA's JSW Steel According to JSW Steel's filing, Ohio is taking into consideration a proposal to raise long-term funds in the US municipal bond markets with a tenor of about thirty years. "The Jefferson County Port Authority expects to issue its Economic Development Revenue Bonds (JSW Steel USA Ohio, Inc. Project), Series 2023 in the aggregate principal amount of USD 145,000,000 (the Bonds) on or about December 20, 2023, the proceeds of which will be utilised for extending a loan to JSW Ohio," it stated. Under Ohioan law, the Jefferson County Port Authority is both a port authority and a corporate and political entity.
The bond holders will not have any recourse against the Port Authority; instead, the Bonds will be paid back from the proceeds of the loan they received from JSW Ohio. As part of the bond issuance and sale process, the company has committed to furnish a guarantee on behalf of JSW Ohio, which will be employed to ensure bond repayment.
It is proposed to use the loan proceeds to finance the purchase, building, outfitting, and installation of a vacuum tank degasser as well as upgrades to a continuous slab casting machine, including dynamic soft reduction technology.
Additionally, it will be used for other projects that JSW Ohio will carry out, like caster upgrades, auxiliary systems, infrastructure upgrades, and specific ancillary equipment to enable increases in slab quality and slab production capabilities.