Tata Steel - Refinancing

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Slaughter and May is advising Tata Steel on the refinancing of the long-term debt of its European operations. A 100% indirect subsidiary of Tata Steel Limited, Tata Steel UK Holdings, signed a Senior Facility Agreement today with a syndicate of 13 banks for £3.53 billion to replace the current facilities entered into when Tata Steel acquired the Corus Group in 2007.

Standard Chartered Bank and State Bank of India initially led the new financing arrangements, which consist of a 5 year loan of approximately £1.8 billion and a 7 year loan of £1 billion equivalent. Revolving credit facilities entered into for working capital purposes have also been increased to £690 million with a tenor of 5 years. 11 more banks joined the syndicate prior to signing.

Andrew McClean (partner), Andrew Balfour (partner), Ian Johnson (associate), Glynn Cooper (associate), Rebecca Britton (associate), Frances Churchard (associate), Deji Adegoke (associate), Nicky Ellis (associate); Tax: Graham Airs (partner), Tony Beare (partner), James Wood (associate)