Tata Steel refinances European bank facilities

30 Sep 2010

Tata Steel has signed a £3.53bn loan to refinance a £3.67bn facility backing its buy-out of European steelmaker Corus in 2007.

Some 13 banks have committed to the loan, but the transaction will be further syndicated to the company’s relationship banks. The new deal comprises a £1.8bn-equivalent five year loan and a £1bn-equivalent seven year facility. There is also a £690m revolver that will be used for working capital. ...

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