New Delhi: Tata Power on Tuesday said its wholly-owned subsidiary Bhira Investments Ltd has refinanced an outstanding loan of $460 million (about Rs 3,100 crore).
"Bhira Investments Ltd, a wholly-owned subsidiary of the company has successfully refinanced $460 million of debt which was due on February 29, 2016," the company said in a filing to BSE adding that the new facility carries a coupon rate linked to LIBOR and has a tenure of five years.
The new facility is only secured against Corporate Guarantee by the company.
"The Guarantee agreement has been entered to guarantee debt payment obligation of Bhira pursuant to the new facility.
The guarantee is capped at $483 million and will fall off once the facility is fully repaid. The Guarantee will be effective after the company fulfills certain conditions specified in the Agreement," it said adding that "This will create Contingent Liability not exceeding $483 million for the compnay."
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
RECOMMENDED FOR YOU
POPULAR