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SMORGON STEEL RAISES FUNDS FROM US INSTITUTIONAL INVESTORS.
SYDNEY, Aug 2 Asia Pulse - Australia's Smorgon Steel Group Ltd (SSX.AX) has raised $US80 million through the private placement of notes to US institutional investors.
The placement was jointly led by the National Australia Bank and the Royal Bank of Scotland.
The debt has been raised in two tranches, with terms to a maturity of seven and 10 years.
Smorgon Steel's net debt will not increase as a result of this placement.
"This is the second time we have been able to successfully access the US institutional debt markets and, as was our experience 12 months ago, we received very strong support," said Smorgon Steel managing director and chief executive officer Ray Horsburgh.
"We are delighted that the investors in this ...
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Source: HighBeam Research, SMORGON STEEL RAISES FUNDS FROM US INSTITUTIONAL INVESTORS.