Aegis refinances $190 mn bridge loan with mix of debt, cash

Essar group company Aegis today said it has refinanced its $190 million bridge loan through a mix of a new five-year debt of $156 million and cash available on its books.

"Aegis has refinanced its bridge loan of $190 million by a mix of new five-year debt of $156 million and the balance out of cash available on the balance sheet," an Aegis spokesperson said.

Comerica Bank, Deutsche Bank, ING, Macquarie, Societe Generale and UBS have participated in this deal, he added.

With this, outsourcing company Aegis' overall debt stands reduced by $34 million, the spokesperson said.

The original book size that was coming up for refinancing was about $200 million, but the company has refinanced only to the tune of $156 million.

"The gap is deliberate. This is because we were having surplus cash on our balance sheet. Hence, through this deal, we have reduced debt on our books by about $34 million," the spokesperson said.

However, the company did not divulge the interest rate that would be charged on the new debt.