British commodities tycoon Sanjeev Gupta has injected $150-million into his Australian steel manufacturing business Infrabuild, after plans to list it in the country were put on hold and a debt raising failed to elicit support from investors.
Infrabuild said it was also raising $325-million through the sale of secured bonds with an unusually high coupon of 12%. This, according to Moody’s Investor Service, marks a drop from a previous plan to raise $475-million debt via bonds.