Tata Steel's Singapore arm, T S Global Holdings Pte Ltd (TSGH) has announced that it has executed agreements for $1.5 billion to refinance its debt even as it faces what it calls "tough market conditions."

While $750 million is in the form of a 5-year loan, the remaining carries a tenor of 6 years.

In a regulatory filing with the BSE, Koushik Chatterjee, Tata Steel's Group Executive Director (Finance and Corporate) said: The new loan facilities provide significantly greater flexibility in their terms and conditions and provide savings in cost, besides extension of tenor. This will provide greater financial headroom for the business, as it faces tough market conditions, even as overall leverage and debt remain unaffected."

The Tata Steel stock was up 2.84% on the BSE and trading at Rs 244.40 at around 12.45 pm. It closed at Rs 243.50.

The $22.32 billion (FY15 sales) company has raised about Rs 4,100 crore by selling its non-core assets in the first six months of the current financial year selling its stake in Tata Motors and Titan Company.

The company reported an 18% decline in revenues at Rs 29,069 crore for the second quarter ended 30 September, 2015. Net profit was up 22% at Rs 1,529 crore, year-on-year.