who-is-financing-indias-largest-lbo

Who is financing IndiaÆs largest LBO?

Sell-side advisor to Corus, Credit Suisse, becomes the lead financing bank for Tata Steel in India's largest leveraged buyout to date.
October 24, 2006
The financing package accompanying Tata Steel's $8.23 billion leveraged buyout of UK steel producer Corus is multi-faceted. The deal, which sees Tata assume some debt on the Corus balance sheet and agreed pension liabilities, comprises a $3.88 billion equity contribution from Tata Steel, a fully underwritten non-recourse debt package of $5.63 billion, and a revolving credit facility of $669 million.

The deal represents IndiaÆs largest cross-border outbound acquisition ever and also the largest leveraged buyout LBO attempted by an Indian company.

Tata Steel appointed ABN AMRO and Deutsche Bank to advise on the transaction and raise the required financing for the acquisition. But somewhere along the way, the appointed banks were unable to commit the...
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