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Tata Motors completes refinancing of the Jaguar Land Rover acquisition bridge finance Press kit

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27 May, 2009

Tata Motors today successfully concluded an agreement for amendment of its bridge finance loan, extending the final maturity of US$ 1 billion by 18 months up to 31st December 2010. This agreement, along with the earlier repayments and the Bond issue last week, completes the refinancing of the bridge finance of 12 months of US$ 3 billion raised in June 2008 for the acquisition of Jaguar Land Rover. 21 lenders, including two new banks, participated in this agreement, leading to an oversubscription of 47% of the extended loan.

Of the US$ 3 billion bridge finance, the company repaid US$ 1.16 billion, including through Rights Issue and certain divestment proceeds last year. Further, US$ 840 million has been repaid through proceeds of the Non-convertible Rupee Debentures issued last week.

Mr. C. Ramakrishnan, Chief Financial Officer of Tata Motors, said ‘This transaction was concluded amidst challenging market conditions in the global credit markets and in the automotive sector. Tata Motors thanks the lending institutions for the trust reposed by them in the performance and outlook of the company.’

About Tata Motors

Tata Motors is India’s largest automobile company, with revenues of US$ 8.8 billion in 2007-08. Through subsidiaries and associate companies, Tata Motors has operations in the UK, South Korea, Thailand and Spain. Among them is Jaguar Land Rover, the business comprising the two iconic British brands. It also has an industrial joint venture with Fiat in India. With over 4 million Tata vehicles plying in India, Tata Motors is the country’s market leader in commercial vehicles and among the top three in passenger vehicles. It is also the world’s fourth largest truck manufacturer and the second largest bus manufacturer. Tata cars, buses and trucks are being marketed in several countries in Europe, Africa, the Middle East, South Asia, South East Asia and South America. (www.tatamotors.com).

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