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This is an archive article published on October 4, 2012

Videocon gets jumbo 2.2 bn SBLC

Videocon Industries has got 2.196bn 14.25-year standby letter of credit facility from 12 banks

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Diversified group Videocon Industries Ltd has secured an around US2.196bn 14.25-year standby letter of credit facility from 12 Indian banks,according to sources.

SBI Capital Markets and IDBI Bank were joint bookrunners for the SBLC,which would secure offshore financings for the group8217;s capital expenditure for its oil and gas businesses in Mozambique,Brazil and Indonesia.

The 12 participating banks are: IDBI Bank US589m,State Bank of India US500m,Export-Import Bank of India US300m,ICICI Bank US225m,Central Bank of India US179m,Union Bank of India US150m,Bank of Baroda US53.5m,Corporation Bank US50m,Punjab National Bank US50m,Syndicate Bank US50m,State Bank of Hyderabad US40m and State Bank of Mysore US9m.

The SBLC facility is borrowed by Videocon Industries Ltd and wholly-owned subsidiary Videocon Oil Ventures Ltd,on an 8216;obligor-co-obligor8217; structure,according to a source.   The offshore borrowing entity would be Cayman Islands-registered Videocon Hydrocarbon Holdings Ltd,an overseas subsidiary of Videocon.

The SBLC facility was signed on September 27 and matures in 2026.

Videocon is a diversified business with interests ranging from consumer electronics to oil and gas. Videocon Industries Ltd is the group8217;s flagship company.

 

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