Tata Steel launches syndicated loan borrowing of USD 750 million
August 24, 2006

Tata Steel has mandated the following banks as lead arrangers — Standard Chartered Bank, ABN-AMRO Bank NV, Citigroup Global Markets Singapore Pte Ltd, Calyon, Bank of Tokyo-Mitsubishi UFJ Ltd, First Commercial Bank Ltd, Maybank, Mizhuo Corporate Bank and Sumitomo Mitsui Banking Corporation Ltd — to raise a Syndicated Term Loan of USD 750 million.

The fund-raising was launched today at a well-attended roadshow in Taipei and has been fully subscribed to by participating banks including the lead arrangers mentioned above.

This loan has a 7 year door-to-door maturity with an all-in pricing at 54 basis points over Libor. S&P has reaffirmed a corporate credit rating of BBB for Tata Steel and assigned the same to this loan as well.

The funds raised under this loan will be deployed towards capital.