Tata Steel fires up $1.86bn loan with larger top group

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By Rashmi Kumar
10 Apr 2018

A group of 23 banks opened syndication for Tata Steel’s $1.86bn dual-currency facility on Monday, but only after the deal went through numerous changes on its way to the market.

The fundraising for the Indian company started at $2.16bn. But after Tata Steel executed a blockbuster $1.3bn bond in mid-January, it shrank the loan target to $1.7bn.

At that stage, 21 banks were lined up as the mandated lead arrangers and bookrunners. But when ...

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