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Our Bureau

Mumbai , March 7

Tata Steel on Tuesday informed that it has signed an external commercial borrowing agreement for $500 million (Japanese Yen equivalent of $495 million and $5 million) at Singapore to fund its growth projects and acquisitions.

"The syndicated term loan facility was for $400 million (or its equivalent in Japanese yen) with a Greenshoe Option of further $100 million (or its equivalent in Japanese yen). Seventeen banks across geographies participated in the aforesaid syndicated term loan facility.

"The issue was over-subscribed and the company exercised the Greenshoe Option. The loan has a door-to-door maturity of seven years. The coupon of the loan will be LIBOR plus 45 basis points," an official statement said.

More Stories on : Overseas Borrowings | Steel | Tata Steel Ltd

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