Tata Steel UK Holdings Limited, a subsidiary of India-based
Tata Steel Limited, has announced that it has executed agreements for the refinancing of its bank debt through term loan and revolving credit facilities of €3.05 billion.
The debt was originally incurred in relation with the acquisition of Corus Group plc in 2007. The new financing structure consists of a five-year loan of €370 million, a six-year revolving credit facility for working capital purposes of £700 million, and a seven-year loan of €1.8 billion, with more favorable terms and pricing relative to the earlier debt.