Tata Steel secures 3.67 bln stg loan waiver - bankers

LONDON (Reuters) - Tata Steel Ltd secured a key waiver on Friday that will ease conditions on loans it took to buy Anglo-Dutch Corus, two bankers close to the deal said on Friday.

Tata Steel UK, which bough Europe's second-largest steelmaker in 2006 backed by a 3.67 billion pounds loan, asked lenders to waive the loan's financial covenants in mid-May.

In return Tata Steel pledged to repay about 200 million pounds ($304 million) of non-recourse debt and lenders were offered a 75 basis points (bps) amendment fee.

The company asked banks to waive the interest coverage ratio and total net leverage ratio for the second, third and fourth quarters of this year, several bankers said.

The waiver, which was led by Citigroup, Royal Bank of Scotland and Standard Chartered, is expected to be signed at the end of next week, the two bankers said.