Home Economy ICICI Bank concludes $1.5 bn syndicated loan

ICICI Bank concludes $1.5 bn syndicated loan


Chennai : The ICICI Bank Tuesday said it has concluded a $1.5 billion syndication loan agreement in Singapore with three different maturity periods for repayment.

“The $1.5 billion syndication is a benchmark deal as this facility marks India’s largest offshore syndicated loan financing by a financial institution,” Chanda Kochhar, deputy managing director of the ICICI Bank said.

The first part of $500 million is payable in 364 days, the second of similar amount carries a three-year maturity, and the third part will be repaid in two equal instalments at the end of 4.5 years and 5 years.

A total of 28 banks participated in the syndication facility across the globe.

BNP Paribas, Bayerische Landesbank, Calyon, Commerzbank, HSBC, Goldman Sachs, Intesa Sanpaolo, Natixis, Standard Chartered Bank and Sumitomo Mitsui Banking Corp were the 10 main arrangers for the loan syndication.

The ICICI Bank is India’s second largest bank and the largest private sector bank with assets of $88 billion as on June 30, 2007. It started as a financial institution and has a presence of more than 50 years in the Indian market.

The bank has an international presence that currently spans 18 countries and includes wholly owned subsidiaries in Britain, Canada and Russia.