Novelis to raise $225 million via municipal bonds post New York fire
Business
Novelis, the U.S.-based aluminum giant owned by Hindalco, is raising $225 million through municipal bonds after a major fire hit its New York plant last September.
The incident put a dent in its cash flow and profits, so this move is all about keeping things running smoothly and staying flexible for new opportunities.
Fresh funds to help Novelis handle its commitments
The fresh funds will help Novelis handle its commitments and keep an eye out for growth moves.
Even after the setback, Novelis had $2.6 billion in liquidity (date not specified in the source), so it's showing some solid financial muscle despite recent challenges.
Key financial metrics of the company
Liquidity: $2.6 billion (date not specified in the source)
Net leverage: 3.7 times
Hindalco's total debt: $8.42 billion