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Our Bureau

Mumbai, May 3

Tata Steel Ltd today said it would use a £ 3.17 billion non-recourse loan facility to refinance the Corus deal. The refinancing is being provided by a syndicate led by Citigroup, ABN AMRO and Standard Chartered Bank. The refinancing is divided into a £ 1.67 billion five-year amortising loan and a £ 1.5 billon seven-year minimally amortising loan, the company said in a statement. The acquisition of Corus was funded partly by a £ 3.62 billion bridge facility and revolving credit facility provided by Credit Suisse, ABN AMRO and Deutsche Bank.

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