‘You snooze, you lose’ helps Tata Steel to waiver success

The structure of Tata Steel UK’s covenant waiver proposals helped the company get approval from an overwhelming majority at the end of last week, bankers said. The subsidiary of India’s Tata Steel had faced initial resistance from institutional investors after it emerged the borrower would not increase the margins as part of the deal.

  • 01 Jun 2009
But Tata Steel said that all lenders who replied by Friday’s deadline voted in favour of the proposal to waive its covenants until March 2010. Bankers close to Tata would not disclose the percentage of lenders that replied, but said that it easily surpassed the two-thirds threshold. “They ...

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1 Bank of America Merrill Lynch (BAML) 3,319 10 12.84
2 Citi 2,562 6 9.92
3 Goldman Sachs 2,150 3 8.32
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