Narrative
Full Description
Project narrative
In June 2017, the State Bank of India signed a $500 million syndicated loan agreement with 21 lenders for general corporate purposes. Agricultural Bank of China (ABC) participated in the syndicate and contributed $30 million. Bank of Communications participated in the syndicated and contributed $80 million. Other syndicate participants included: Wells Fargo, Axis Bank, Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, Credit Agricole, DBS, HSBC, Mizuho, National Bank of Abu Dhabi, Standard Chartered, UOB, Westpac, Bank of India, Punjab National Bank, Gunma Bank, Chang Hwa Commercial Bank, Export-Import Bank of the Republic of China and Taishin International Bank. The loan carried a 3-year maturity and an interest rate of LIBOR plus a 0.85% margin. Its other borrowing terms of the loan are unknown.
Staff comments
1. AidData has estimated the loan's all-in interest rate -- at the time it was issued -- by adding 0.85% to average 6-month LIBOR in June 2017 (1.43228%). 2. The borrower had included a greenshoe option allowing it to increase the deal size to $750 million but ultimately decided to stick to the original amount of $500 million. 3. The deal had 13 mandated lead arrangers and bookrunners. Among them, Wells Fargo kept the highest amount on its books at the end of syndication, taking $30 million. The remaining banks, which included Axis Bank, Bank of Tokyo-Mitsubishi UFJ, Barclays, BNP Paribas, Credit Agricole, DBS, HSBC, Mizuho, National Bank of Abu Dhabi, Standard Chartered, UOB and Westpac, retained $14 million each.