Kalyan Jewellers will raise up to $ 200 million through its subsidiary, Kalyan Jewellers FZE, to refinance old debt. The subsidiary will issue senior US dollar-denominated fixed-rate notes (bonds).

Rating agency Standard and Poor’s (S&P) has assigned a preliminary ‘B’ long-term issuer credit rating to Kalyan Jewellers India Ltd (KJIL) and the proposed senior secured notes issued by Kalyan Jewellers FZE.

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Proceeds from the notes will be used for refinancing borrowings, payment of transaction fees, and general corporate purposes. KJIL will guarantee the notes proposed to be listed on the Singapore Stock Exchange. Issuance for the notes is subject to market conditions.

S&P said in a statement that the jewellery retailer benefits from its good market position in the domestic organized jewelry market, with favorable growth prospects and resilient demand.

The outlook on the financial instrument is stable reflecting the expectation that the company will maintain its market position and steady revenue growth, and manage leverage and liquidity prudently even as it expands.