Bank of India to pick seven for US$175 m loan

Wednesday, 1 August 2012 01:28 - - {{hitsCtrl.values.hits}}

HONG KONG, (Basis Point): Bank of India is close to mandating a seven-bank group for a US$175m two-year loan, marking its return to the offshore loan market after a year, according to sources.

The seven are Bank of America Merrill Lynch, Barclays, Citigroup, Commerzbank, HSBC, RBS and Standard Chartered Bank. The mandate will likely be awarded this week, one source said.

The loan, which has an unspecified greenshoe, might be completed as a club, the source said.

BOI last tapped the offshore loan market in August 2011 when it raised US$200m from a three-year loan that paid a top-level all-in of 150bp via a margin of 129bp over Libor.

ANZ, BAML, Mizuho Corporate Bank, Natixis, StanChart, RBS and UOB were the mandated lead arrangers and bookrunners on that loan, which was increased from US$175m. Six other lenders participated in that financing.

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