Tata to pay up for Canada refi following downgrades

steel foundary px230
By Shruti Chaturvedi
24 Mar 2016

Tata Steel is expected to offer banks a much higher return for a refinancing related to its Canadian operations than it paid for its recently concluded $1.5bn facility, according to sources.

The company has been in talks for the new loan for the last few months and was initially asking for $600m, including $475m for refinancing and $125m in new money. 

But lenders are understood to be leaning towards lowering the size to $500m because of “debt sustainability issues”, said ...

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