Tata Steel puts up £500m for covenant waivers on Corus loans

Tata Steel UK asked lenders on Monday to waive covenants on over £3bn of debt in return for a £500m one-off equity injection from its Indian parent company as it struggles to meet earnings targets following the acquisition of European steelmaker Corus in 2007.

  • 12 May 2009
Tata Steel is offering to inject up to £500m of new equity into its UK unit, which will use a portion of the cash to pay down £200m of debt and the rest to “shore up the business and provide added liquidity”, according to one loans banker close ...

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