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Tata Steel's Netherlands unit raises €1.75B from 19 banks

Tata Steel Ltd.'s Tata Steel Netherlands Holdings BV refinanced its bank debt, raising term loan facilities amounting to €1.75 billion from 19 banks.

The company said Jan. 10 that the refinancing represents a €500 million reduction from the external debt outstanding in Tata Steel Europe as of March 2019, enabling the stand-alone European business to have a more balanced sheet while improving efforts on restructuring and improving operating performance.

In November 2019, the company flagged the dismissal of 1,600 workers in the Netherlands and 1,000 in the U.K. as part of a plan to boost its financial performance and shift toward carbon-neutral steelmaking.