Essar Steel to sell global bonds, says report

I ndian steelmaker Essar Steel is to make an offering of a benchmark-sized seven-year global bond, not callable for four years, a source close to the deal said.

The proceeds would used to fund existing debt, capital expenditure, acquisitions and general corporate purposes, the source said on Monday.

Essar has appointed UBS AG, BofA Merril Lynch, Deutsche Bank AG and Standard Chartered Bank to handle the sale.

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