Herbert Smith is advising India’s Tata Steel on its new long-term financing for the takeover of Anglo-Dutch steelmaker Corus. The company will borrow £3.67bn, the largest-ever loan for an Indian company. The Herbert Smith team, which has developed a strong relationship with the company since its first acquisition bid in October last year, was led by partner Clive Barnard. Tata’s £6.6bn bid for Corus was expected to be funded by a high-yield bond facility arranged by Deutsche Bank, Credit Suisse and ABN Amro. The recent loan, arranged by Citigroup, Standard Chartered and ABN Amro, will replace the original financing. The new package is more cost-effective and incorporates a £1.67bn five-year syndicated bank loan, which will be repaid at regular intervals, and a £1.5bn loan, repayable after seven years. While Corus’s pension trustees are due to discuss the proposal, Tata’s board has approved it.