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Tata Steel has signed Two Export Credit Agency Covered Borrowings (Euro 50 Million and Euro 11.5 Mil
Today, Tata Steel signed two external commercial borrowing agreements at Frankfurt. The agreements would be utilized to finance the import component of "Blast Furnace H" and "Sinter Plant 4" as part of the ongoing expansion project in Jamshedpur. "Blast Furnace H", which will produce 2.5 million tonnes per annum of hot metal, has been contracted to Paul Wurth Italia and Larsen & Toubro for commissioning. "Sinter Plant 4" of 2.3 million tones per annum capacity is contracted to Outokompu Technology GmbH, Germany and Larsen & Toubro.
The ECA covered facilities were signed with Deutsche Bank Aktiengesellschaft, Frankfurt am Main as Original Lender. These facilities are insured by SACE S.p.A. (Servizi Assicurativi per il Commercio Estero) of Italy and Euler HERMES Kreditversicherungs-Aktiengesellschaft of Germany. The loans have a repayment period of 10 years and an availability period of approximately three and two years respectively. The coupon on the loans will be Euribor plus 12 basis points.
In the Financial Year 2005-06, Tata Steel has completed External Commercial Borrowings comprising of an IFC (& IFC Syndicated) Loan; a Syndicated Loan and the above ECA insured financing.
| For further information contact: | |
| Media | Investor Relations: |
| Sanjay Choudhry Tel: +91 657 2431142 Email: sanjay.choudhry@tatasteel.com |
Sanjay Khattry Tel: +91 22 56657289 Email : sanjay.khattry@tatasteel.com |
| Milind Rege Tel: +91 22 56657293 Email : mdrege@tata.com |
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