New Delhi, June 05: Tata Chemicals on Wednesday said it has availed of a $20-million external commercial borrowing (ECB) for three years. The ECB was availed at an interest rate of 100 basis points above the London Inter Bank Offer Rate (LIBOR), a company release said.

The total cost of the borrowing, after hedging the principal, is expected to be between 3.25 and 3.50 per cent per year.
The ECB was availed as part of the company's ongoing capital efficiency programme aimed at reducing cost of borrowing and refinancing existing payments.
"The low rate of interest is reflective of the increasing confidence in Tata Chemicals' financial profile and its strong competitive position across all its core businesses," the company said. Bureau Report