Credit Suisse First Boston is expected to bring a leveraged $1.28 billion loan to market today for the global steel company Ispat International NV.

Ispat, based in London, will use $825 million of the loan to complete its $1.43 billion planned buyout of U.S.-based Inland Steel Co., announced in March. The remaining proceeds, approximately $400 million, will be funneled to its Canadian subsidiary, Ispat Sidbec.

Bankers say the multi-part loan might be a tough sell considering the low-growth outlook for the steel industry. Credit Suisse First Boston is pitching the Ispat paper by highlighting the company's presence as the only truly global steelmaker.

Ispat will have factories in seven countries once the acquisitions are complete. Founded in India in 1976, Ispat, under its chairman, Lakshmi Mittal, has pursued buying state-owned steel companies. The world's seventh-biggest steelmaker, Ipsat has operations in Ireland, Germany, Trinidad, and Mexico.

Mr. Mittal was recently named by Forbes as the only Indian billionaire, reportedly worth $3.5 billion. He lives in London.

Credit Suisse First Boston is leading a bank meeting today in New York and a second meeting is scheduled for Friday in Montreal. Donaldson Lufkin & Jenrette Inc. is co-syndicating the U.S. part of the loan. General Electric Capital Corp. is co-lead for the Canadian part. Pricing was not available.

Credit Suisse First Boston underwrote Ispat's initial public stock offering in August, and has three equity analysts covering the company.

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