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Tata Steel Netherlands Refinances EUR 1.75 Billion of European Debt

Steel News - Published on Mon, 13 Jan 2020

Image Source: tatasteel.com
Tata Steel announced that Tata Steel Netherlands Holdings BV, a 100% subsidiary of Tata Steel Limited, has executed agreements for the refinancing of its bank debt. Tata Steel Netherlands Holding has raised term loan facilities of EUR 1.75 billion from 19 banks. This represents a reduction of EUR 500 million versus the external debt outstanding in Tata Steel Europe as of March 2019 enabling the standalone European business to have a more robust balance sheet while it is also putting in significant efforts at restructuring and improving its operating performance. These facilities have also been contracted at favorable terms and more efficient pricing, besides extending the maturity profile relative to the existing ones.

Tata Steel Executive Director & Chief Financial Officer Koushik Chatterjee said "The new financing has more flexible terms and better pricing that will provide greater financial headroom to the business in the coming years. The Company was able to complete this financing despite all the volatility in the financial markets, demonstrating the strong confidence enjoyed by Tata Steel in the financial community".

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Posted By : Rabi Wangkhem on Mon, 13 Jan 2020
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