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Tata Steel signed external commercial borrowing agreement of US$ 500 Million

Mumbai, March 07, 2006

Today, Tata Steel signed an external commercial borrowing agreement at Singapore for funding its growth projects and acquisitions.

The syndicated term loan facility was with a Greenshoe Option. 17 Banks across various geographies participated in the aforesaid syndicated term loan facility. The issue was oversubscribed and the Company exercised the Greenshoe Option. The loan has a door-to door maturity of 7 years. The coupon of the loan will be Libor plus 45 basis points.

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