(Bloomberg) -- InfraBuild Australia Pty, part of Sanjeev Gupta’s metals empire, has secured an asset-backed term loan for $350 million to finance acquisitions of Gupta steel assets in the US.

The proceeds of the loan will enable InfraBuild to “pursue its growth objectives,” the company said in a statement, adding that this would include a potential acquisition of steel assets owned by Gupta’s GFG Alliance.  

Gupta has been in the process of reshuffling his metals empire in an attempt to restructure debts following the collapse of Greensill Capital, the financial firm that was his top lender. In March, Gupta took ownership of Simec Group Ltd. from his father. Then, in April, Gupta hired ex-banker Neil Cabral to head up his personal investment firm.

Jefferies LLC acted as a sole arranger on the new loan, which was led by funds and accounts managed by BlackRock Inc. and Silver Point Finance LLC. InfraBuild previously had a similar loan for A$250 million arranged by JPMorganthat that was paid off last year. 

The planned acquisitions include GFG steel-related assets in Ohio, Illinois, New Mexico, Pennsylvania and South Carolina. 

Read more: Gupta Looks to Reshuffle Steel Empire After Greensill Collapse

InfraBuild is exploring additional financing alternatives to be used in combination with the loans to further drive growth and potential acquisition in the US, the statement said. 


--With assistance from Eddie Spence.

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