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Our Bureau

Mumbai , Jan. 8

MANGALORE Refinery and Petrochemicals Ltd (MRPL) has prepaid Rs 2,380 crore to its rupee term lenders under the debt restructuring package. The company has also announced that it will prepay loans of Rs 275 crore on January 19.

The ONGC subsidiary had an option under the debt restructuring package allowing it to prepay the lenders without having to pay a prepayment premium.

ONGC, the parent, has granted MRPL a long-term loan of up to Rs 2,600 crore at 6 per cent bank rate in lieu of the prepaid debt. The refinancing of the loans will result in MRPL saving about Rs 82 crore each year as the company was paying lenders interest at 9.15 per year, a news release said.

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