ICICI Bank signs $1.5 billion Syndicated Loan Facility

ICICI Bank, India's second largest lender,has signed a multi-tranche dual currency US$ 1.5 billion syndication loan agreement in Singapore on September 4, 2007.

The facility is split into three tranches: US$ 500 million 364-day tranche (tranche A), an US$ 500 million three-year tranche (tranche B) and an US$ 500 million five-year tranche (tranche C). Tranche C will be repayable in 2 equal installments at the end of 4.5 years and 5 years and hence shall have an average maturity of 4.75 years.

Ms. Chanda Kochhar, Deputy Managing Director, ICICI Bank said, “The US$ 1.5 billion syndication is a benchmark deal as this facility marks India's largest offshore syndicated loan financing by a financial institution. We are delighted with the widespread interest this deal has generated from the leading banks across the globe. It is heartening to see a number of new players participating in this deal.”

A total of 28 banks participated in the syndication facility across the globe. New players have participated in this deal both at Mandated Lead Arrangers (MLA) level and general syndication.

BNP Paribas, Bayerische Landesbank, Calyon, COMMERZBANK, Goldman Sachs, HSBC, Intesa Sanpaolo, Natixis, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation are the 10 Mandated Lead Arrangers for the syndication.

Read about M&A in Indian Banking Industry ... Click here
CLICK FOR MORE FEATURES & STORIES