To refinance debt in Tata Steel EuropeTata Steel announced that Tata Steel Netherlands Holdings B.V. (TSNHBV), a 100% subsidiary of Tata Steel, has executed agreements for the refinancing of its bank debt. TSNBHV has raised term loan facilities of EUR 1.75 billion from 19 banks.
This represents a reduction of EUR 500 million versus the external debt outstanding in Tata Steel Europe as of Mar 2019, enabling the standalone European business to have a more robust balance sheet while it is also putting in significant efforts at restructuring and improving its operating performance. These facilities have also been contracted at favorable terms and more efficient pricing, besides extending the maturity profile relative to the existing ones.
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