Sanjeev Gupta’s InfraBuild secures $375m in debt after legal win

Detailed summary

Progress came as the entrepreneur’s languishing empire GFG Alliance on Tuesday struck a deal that would allow him to retain control of the steel manufacturer.

Jefferies Australia faced a Herculean task when the investment bank was tapped by UK industrialist Sanjeev Gupta’s InfraBuild to oversee a $750 million refinancing of its bonds.

But weeks in, the steel manufacturer’s bankers have managed to make a sizeable dent. Existing investor, global firm Davidson Kempner Capital Management, has agreed to tip in half of the required debt, or $375 million, under non-binding terms, according to people with knowledge of the transaction who were not authorised to speak on the record.

Opening of the article, excerpted from Australian Financial Review. To read the rest, open the article on the publisher's site.