Tata Power Company (TPC) on Tuesday announced refinancing of loans worth $850 million taken for funding its acquisition of 30% stake in Indonesian thermal coal producers, PT Kaltim Prima Coal and PT Arutmin Indonesia, as well as trading companies from PT Bumi Resources. It had taken $950-million one-year bridge loan to finance the $1.1-billion purchase.
The refinancing consists of a $580-million non-recourse loan and a $270-million recourse loan. The non-recourse facility has a door-to-door tenure of six years while the tenure of the recourse loan is one year more.
The financing has been provided by a group of banks led by five mandated lead arrangers including Barclays Capital, Bank of India, ICICI Bank, State Bank of India and Sumitomo Mitsui Banking Corporation. TPC will evaluate the option of refinancing the remaining $100 million of the bridge loan at an appropriate time.
Read more in The Economic Times article.
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