Linklaters has advised the lending and underwriting banks as Tata Steel UK Holdings Limited ("TSUKH") executed agreements for the refinancing of its bank debt through term loan and revolving credit facilities of €3.05 billion. The debt was originally incurred in relation with the acquisition of Corus Group plc in 2007. The 2007 deal remains the biggest foreign acquisition by an Indian company. The new financing structure consists of a 5-year loan of €370 million, a 6 year revolving credit facility for working capital purposes of £700 million and a 7-year loan of €1.8 billion.

In addition, Linklaters advised the lending and underwriting banks as Tata Steel Global Holdings Pte Ltd. ("TSGH"), another 100% indirect subsidiary of Tata Steel Limited incorporated in Singapore executed agreements for loan facilities of US$1.5 billion comprising of a 5 year loan of US$700 million and a 7 year loan of US$800 million. The proceeds of this loan will be used to repay term debts, term out working capital and fund investment needs of the Tata Steel Group outside India.

Linklaters also advised on a US$1.5 billion bond issuance by a Singaporean subsidiary of Tata Steel India. This by itself is the largest bond issuance by the Tata Group.

The Mandated Lead Arrangers for the European and Singapore facilities comprised 24 international and Indian banks.

Narayan Iyer, Banking partner at Linklaters, said: “The transaction is the largest refinancing involving an Indian group this year and a significant transaction out of India following the election of the new Narendra Modi-led government in May. Tata Steel’s success in closing this financing is being seen as a reflection of the returning confidence of international investors in marquee Indian names.”

The Linklaters team was led by Banking partners Narayan Iyer and Philip Badge and Capital Markets partner Kevin Wong. The team included lawyers in London, Singapore and Amsterdam.