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TATA STEEL LAUNCHES SYNDICATED LOAN BORROWING OF USD 750 MILLION
Tata Steel has mandated the following banks as Lead Arrangers- Standard Chartered Bank, ABN-AMRO Bank N.V., Citigroup Global Markets Singapore Pte Ltd., Calyon, Bank of Tokyo-Mitsubishi UFJ Ltd., First Commercial Bank Ltd., Maybank, Mizhuo Corporate Bank and Sumitomo Mitsui Banking Corporation Ltd.- to raise a Syndicated Term Loan of US Dollars 750 Million.
The fund-raising was launched today at a well attended Roadshow in Taipei and has been fully subscribed to by participating banks including the Lead Arrangers mentioned above.
This loan has a 7 year door-to-door maturity with an all-in pricing at 54 basis points over Libor. S&P has reaffirmed a corporate credit rating of BBB for Tata Steel and assigned the same to this Loan as well.
The funds raised under this loan will be deployed towards capital expenditure as part of Tata Steel’s expansion programme and any future acquisitions.
Apart from the current fund raising, Tata Steel has raised US Dollar 100 million from IFC, another US Dollars 300 Million as part of an IFC led Syndication and a Japanese Yen equivalent of US Dollars 500 Million Syndicated Loan Facility in the last 18 months.