Essar Energy said it has replaced a $450-million bridge loan with a $300-million loan and $150 million from cash generated by the company.
The bridge loan was due in December 2012. In general, loans are replaced (refinanced) with another loan when companies get a lower rate of interest. The comany did not disclose the rate of refinancing.
Essar Energy said the refinance is from the same set of banks which extended the bridge loan. The tenor of the new loan is three years.