Tenaris Confab Loan to Fund Usiminas Share Purchase

Tenaris Confab, a subsidiary of steel tube supplier Tenaris, plans to use a $350m 5-year syndicated loan to finance its acquisition of 25 million common shares of Usiminas, according to the company. HSBC has been mandated to lead the transaction which has a 12-month grace period and is expected to pay a yearly margin of between 175bp-250bp over Libor, it says.