The loan would be used to refinance high-cost funds raised by the steelmaker from Ares SSG-backed Assets Care and Reconstruction Enterprise (ACRE), an asset reconstruction company. Publicly listed Jayaswal Neco has proposed to raise ₹3,250 crore through non-convertible debentures for a term of 3.5 years at a coupon rate of 18-20%, the people cited above said
