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Friday, May 22, 2009

Hot News: Tata Gets Loan Reprieve


    Tata is expected to avoid defaulting on $1 billion (£660m) of debt, after banks indicated they would extend an upcoming loan payment until the end of 2010.
    The news is crucial to Tata's future, as the $1 billion was due to be repaid next Friday. This deal
    will complete the refinancing of a $3 billion (£1.9bn) bridge loan Tata Motors took out last year to finance its purchase of Jaguar-Land Rover.
    Tata is estimated to have lost £800m-£900m covering operating losses since car sales slumped last year. It is also seeking UK government loan guarantees worth more than £800m to raise further capital, although progress has been slow.
    Tata has alrady prepayed $1.11bn (£700m) of its bridge loan through equity fundraising and other measures.
    This week, it raised an additional $885 million (£560m) from a domestic bond issue, a deal that has set the stage for the rollover of the $1.05bn remaining of the bridge loan.
    Thanks to: Autocar.
    Source URL: http://carrevieeeew.blogspot.com/2009/05/hot-news-tata-gets-loan-reprieve.html
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