- Plans to augment working capital & refinance existing loans
MUMBAI, India, March 8, 2021 /PRNewswire/ -- DCW Limited, India's leading specialty chemical company, today announced that it has completed the refinancing of its debt with the issuance of NCDs (Non-Convertible Debentures) amounting INR 350 crores and OCDs (Optionally Convertible Debentures) to be converted into equity within 18 months, amounting INR 60 crores.
DCW will utilise the funds in refinancing the existing term loans and augment working capital. The company expects this fundraise to enhance capacity utilization, and meet increasing product demand. These NCD's carry a moratorium of 18 months and a tenure of six years.
Commenting on the transaction Mr. Vimal Jain, Chief Financial Officer, DCW Limited, said, "DCW saw strong investor interest for NCD and OCD and could manage this fundraise at favourable terms. Through these transactions, the company extended its debt stack maturities and added additional liquidity to the balance sheet. DCW's credit profile remains stable with positive bias. With the completion of this refinancing, the company has managed to enhance financial flexibility and is on a firmer footing to achieve long-term growth."
About DCW
DCW is a specialty chemical company, manufacturing PVC, C-PVC (chlorinated polyvinyl chloride), Caustic Soda, Soda Ash and Synthetic Iron Oxide Pigment (SIOP). The Company is the only domestic manufacturer C-PVC, a versatile thermoplastic used mainly for manufacturing hot and cold-water pipes, industrial liquid handling, and a wide range of products serving a variety of applications. DCW's Caustic Soda, SIOP and PVC Units are in close proximity to the Tuticorin Port in Tamil Nadu, giving the Company a competitive edge over its peers to export its products to global markets.
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