Tata Steel Ltd could find it difficult to refinance a $425 million (300 million pounds) loan for its Canadian unit after announcing the sale of its UK business and receiving a weak response to a US$1.5bn refinancing for its Singaporean unit, bankers said on Tuesday.
India's Tata Steel, Britain's largest steelmaker, announced plans to put its UK business up for sale on March 30 to stem heavy losses resulting from cheap Chinese imports, putting thousands of jobs at risk.
The British government opened talks with potential buyers for Tata Steel's UK operations on Tuesday as it stepped up its battle to find a buyer for the loss-making business.
Although Tata Steel pushed lenders to join its US$1.5bn refinancing, only two banks joined the deal before it closed in March with total commitments of US$231.7m, which left the lead banks with more exposure than planned.
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