Date
17 August 2017
A rail is laminated at a Tata Steel factory in France. The company has issued bonds to restructure debt linked to its purchase of Corus. Photo: Reuters
A rail is laminated at a Tata Steel factory in France. The company has issued bonds to restructure debt linked to its purchase of Corus. Photo: Reuters

Tata Steel issues bonds to refinance Corus debt

Mumbai-based Tata Steel has sold US$1.5 billion of bonds on the US dollar bond market to help refinance debt and loans linked to its 2008 purchase of Anglo-Dutch steelmaker Corus, the Financial Times reported Friday.

Tata Steel issued US$1 billion of 10-year bonds with a coupon of 5.95 per cent, and US$500 million in five-year debt, paying 4.85 per cent, the report said.

The steelmaker is also looking to refinance a series of multicurrency loan facilities related to the Corus deal, the report quoted one person as saying.

Tata Steel was badly hit in the aftermath of both the global financial crisis and the subsequent eurozone crisis, it said.

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