Tata Steel to Seek $5.1 Billion to Help Refinance Debt
- Fundraising to be via dollar, euro-denominated loans and bond
- Company said last week it plans up to $2 billion rights offer
Galvanized coiled steel sit in a storage area following manufacture at the Tata Steel Ijmuiden BV plant, a unit of Tata Steel Ltd., in Ijmuiden, Netherlands.
Photographer: Jasper JuinenThis article is for subscribers only.
Tata Steel Ltd. has sounded out banks about raising the equivalent of $5.1 billion through loan facilities and a bond issue to help refinance debt, according to people familiar with the matter.
The Indian steelmaker plans a $2.15 billion six-year syndicated facility to refinance loans in the books of units, TS Global Holdings Pte. and NatSteel Asia Pte., said the people, who are not authorized to speak publicly and asked not to be identified. Tata Steel’s spokesman declined to comment on the planned financing.