Jamshedpur/Mumbai, Dec. 2: T S Global Holdings Pte Ltd. (TSGH), a subsidiary of Tata Steel Limited incorporated in Singapore, has executed an agreement for loan facilities worth $1.5 billion comprising a five- year loan of $750 million and a six-year loan of $750 million on Wednesday. The proceeds of this loan will be used to repay existing term loan facilities in TSGH.
A press communiqué issued by the company said that the loan facilities have been contracted with a group of 16 Mandated Lead Arrangers including Australia and New Zealand Banking Group Ltd, Axis Bank Limited, Bank of America N.A., Bank of Tokyo-Mitsubishi UFJ Ltd., BNP Paribas, Citigroup Global Markets Asia Ltd. Credit Agricole Corporate and Investment Bank, Deutsche Bank AG, Emirates NBD Capital Ltd., First Gulf Bank FJSC, HDFC Bank, ICICI Bank, National Bank of Abu Dhabi PJSC, Societe Generale, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation.
Koushik Chatterjee, Tata Steel Limited’s Group Executive Director (Finance and Corporate), said, “Tata Steel actively reviews all its financing options and seeks to continuously optimise its debt based on market conditions.
The new loan facilities provide significantly greater flexibility in their terms and conditions and provide savings in cost, besides extension of tenor.
This will provide greater financial headroom for the business, as it faces tough market conditions, even as overall leverage and debt remain unaffected. I would also like to take this opportunity to thank our banking partners for their continued belief in and support of the Tata Steel Group.”