Tata Steel looking at $1 billion bond sale to refinance debt - sources

REUTERS - Tata Steel Ltd is talking to banks about raising $1 billion from an overseas bond sale to refinance a part of its existing debt, two sources with direct knowledge of the matter said on Tuesday.

India's biggest steelmaker, which paid $13 billion for Anglo-Dutch group Corus in 2007, could launch the bond issue by the end of this year, said the sources.

Tata Steel, a unit of the Indian conglomerate Tata Group, is expected to pick banks to manage the bond sale in the next couple of weeks, one of the sources said.

A spokesman for Tata Steel, which had a net debt of 613 billion rupees at the end of June, did not immediately respond to a request for comment.

 

(Reporting by Sumeet Chatterjee and Archana Narayanan in Mumbai; Editing by Greg Mahlich)