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The profitable Australian company is paying significant sums for shared service and corporate service agreements to the British industrialist’s broader group.
Documents sent to prospective bondholders suggest the money may be distributed far and wide. Creditors were hoping for a lot more than what is now being raised.
The auditor of the British industrialist’s Australian steel business says a $544 million bond offering, through Jefferies, is crucial to the group’s fortunes.
The embattled metals tycoon has spent the past two years based in the emirate as he races to refinance $5 billion in Greensill loans. With a fraud investigation in the UK under way, and more debts due next year, can he pull through?
Moody’s says a $US350 million loan shows the steel business can obtain financing, even as they warn instability in the broader group still presents “contagion risk”.