Tata Steel, the Indian steel group, has wrapped up its $3.1 billion multi-currency loan facility, attracting a total of 34 lenders and giving it some breathing room as the company struggles with a slump in the demand for steel in Europe.
The company operates in the highly cyclical steel industry and was faced with covenants tightening in 2015. Its refinancing package enables it to push out its debt maturity profile and gives it more flexibility at a challenging time for the company.
The loan, which is expected to be signed at the end of December, is part of a massive $7 billion refinancing package that will...
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