Seven banks are close to sealing the $100 mn two-year term loan for Indian Overseas Bank Hong Kong branch,according to sources.
Mandated lead arrangers and bookrunners Doha Bank (US$25m),State Bank of India (US$25m),HSBC (US$15m) and UOB (US$15m) were joined by Bank of Bahrain & Kuwait (US$7.5m),Industrial & Commercial Bank of China (US$7.5m) and Cosmos Bank (US$5m) in general syndication.
Signing is targeted for this week. As previously reported,the bullet loan pays a margin of 175bp over Libor and offered a top-level all-in of 240bp.
Funds from the fully underwritten facility are for onlending.
In May 2011,the borrower got an US$85m three-year term loan that paid a top-level all-in of 165bp via a margin of 130bp over Libor