ANZ refinance pact with ICICI

MUMBAI, June 26: ANZ Investment Bank, the leading arranger of syndicated cross border finance for India, has signed a US$ 50 million six year refinancing with the Industrial Credit and Investment Corporation of India Limited (ICICI).

This facility is ICICI’s first international borrowing following its merger with SCICI Limited earlier this year and sets a new low in pricing for ICICI reflecting the improved market perception of the combined institution. Priced at a margin of 57.5 bp over LIBOR this transaction offered the same yield to market as ICICI’s last deal (a five year bullet facility) despite the longer six year maturity.

ANZ Investment Bank has also launched a syndication on behalf of Jet Airways of a US$ 50.4 million facility to part finance the acquisition of two Boeing 737-400 aircrafts from Malaysian Airline System.

The US$ 50.4 million hire purchase facility represents the first major acquisition of aircraft by a private Indian operator (other private airlines mostly employ aircraft on operating leases). according to a bank release.