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tata steel limited -gdr regs (TATLY) Key Developments

Tata Steel Announces Agreements to Refinance its International Debt Portfolio of $5.4 Billion

Tata Steel Ltd. announced that it had executed agreements to refinance its international debt portfolio of $5.4 billion, as it seeks to reduce interest costs on loans taken to finance the 2007 acquisition of Corus Group Plc. One of its units, Tata Steel UK Holdings Ltd, refinanced its bank debt through a term loan and revolving credit facilities of €3.05 billion. The new financing structure consists of a five-year loan of €370 million, a six-year revolving credit facility for working capital of £700 million and a seven-year loan of €1.8 billion, with more favorable terms and pricing relative to the earlier debt. A second unit, Tata Steel Global Holdings Pte Ltd, accessed loan facilities of $1.5 billion comprising a five-year loan of $700 million and a seven-year loan of $800 million. The proceeds of this loan will be used to repay term debts, converting working capital loans into term loans and fund investment needs of the Tata Steel group outside India. Tata Steel is seeking to cut the cost of servicing debt it acquired for the $12.9 billion acquisition of Corus Group by taking advantage of a drop in borrowing costs as investor sentiment around India improves. The five-year loan and revolving credit facilities for Tata Steel UK as well as the loan facilities for Tata Steel Global have been contracted as part of a joint $3.1 billion mandate to 18 lead arrangers. These arrangers include Australia and New Zealand Banking Group, Bank of America Merrill Lynch, Mitsubishi UFJ Financial Group, BNP Paribas SA, Citibank NA, Credit Agricole SA, Deutsche Bank AG, HSBC Holdings Plc., Standard Chartered Plc. and Axis Bank Ltd. The seven-year loan of €1.8 billion for Tata Steel UK has been contracted with a set of seven mandated lead arrangers: State Bank of India (SBI), ICICI Bank Ltd, Bank of Baroda, Bank of India, Exim Bank, Syndicate Bank and SBI (Mauritius).

Bhushan Denies Sales Rumor

Bhushan Steel Limited (BSE:500055) denied a report by ET Now television channel that lenders to the steel maker have initiated the process of selling the assets of the troubled company. Tata Steel Limited (BSE:500470) and JSW Steel Ltd. (BSE:500228) are in talks with Bhushan’s lenders to buy the company, the report said, citing unidentified people. Tata Steel denied that it was in discussions with Bhushan. “We have neither been approached nor are we in discussions,” said a spokesperson of Tata Steel. Bhushan Steel said that it has not defaulted on payments to lenders and the question of selling assets does not arise. “The news is completely false and baseless,” a Bhushan Steel statement said. Hence, the question of lenders looking at selling it does not arise in this situation.” Shares of Bhushan Steel rose 3.53% to INR 111.35 on Bombay Stock Exchange.

Tata Steel Announces Production Results for the Second Quarter and First Half of Fiscal Year 2015

Tata Steel announced production results for the second quarter and first half of fiscal year 2015. For the quarter, the company registered Hot Metal production of 2.582 million tonnes in second quarter, up by 5% year-over-year from 2.464 million tons for the second quarter of 2014. Crude steel production was 2.269 million tonnes in the second quarter of 2015 against 2.290 million tones for the same period a year ago. Saleable Steel production increased by 0.3% year-over-year in the second quarter of 2015 to 2.213 million tones from 2.206 million tones for the same period a year ago. Deliveries were 2.11 million tonnes in the second quarter of 2015, up by 4% year-over-year, compared with 2.038 million tones for the same period a year ago. For the first half, the company registered hot metal production of 5.11 million tonnes in first half, up by 4% year-over-year, compared with 4.929 million tones for the same period a year ago. Crude steel production was 4.60 million tonnes in first half, up by 2% year-over-year, compared with 4.513 million tones for the same period a year ago. Steel production increased by 3% year-over-year in the first of 2015, to 4.46 million tons from 4.351 million tones for the same period a year ago. Deliveries were 4.21 million tonnes in the first half, up by 4% year-over-year, compared with 4.043 million tones for the same period a year ago.

Tata Steel Limited Announces Cessation of A. Anjeneyan as Company Secretary and Compliance Officer

Tata Steel Limited informed that Mr. A. Anjeneyan has ceased to be the Company Secretary of the company on October 10, 2014 on tendering his resignation. Mr. Anjeneyan has also ceased to be the 'Compliance Officer' of the company on that date in terms of Clause 47(a) of the Listing Agreements with the Stock Exchanges in India.

Jharkhand Government Demands Heavy Price from Tata Steel and SAIL

The Jharkhand Government has demanded a heavy price - estimated at INR 60,000 million from Tata Steel and SAIL, for operating iron ore mines in the State without proper lease renewal. SAIL may have to pay around INR 20,000 million before it could execute a fresh lease agreement for its Gua mine, while Tata Steel may be required to fork out upwards of INR 40,000 million for the Noamundi mine. Though the lease agreement for both the mines expired some years ago, they were operating on deemed extension granted by the State Government, following the old version of the mining norms (Mines and Minerals (Development and Regulations) Act, 1957, and Mineral Concession Rules, 1960). SAIL's lease had expired in February 2009, while Tata Steel's renewal fell due in December 2012.


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