ICBC (Asia) contributes to USD 460 million syndicated loan to Bhira Investments Limited for unspecified corporate purposes

On February 24, 2016, a group of banks -- including ICBC (Asia) -- signed a USD 460 million syndicated loan agreement with Bhira Investments Limited, a Mauritius-incorporated subsidiary of India's Tata Power Company Limited. Proceeds from the loan are for unspecified corporate purposes. The loan carries an interest rate of 1-month LIBOR plus 195 basis points, with a five year maturity (including a final maturity date of February 26, 2021). Tata Power Company issued a guarantee for 105% of the loan's principal. It was drawn down, with $217,198,546 USD outstanding as of March 31, 2019. ICBC (Asia), Bank of America, DBS Bank, Export Development Canada, Sumitomo Mitsui Banking Corporatio, Australia and New Zealand Banking Group, and Axis Bank Limited Hong Kong branch participated in the loan, with Bank of America as agent.

Additional details

1. AidData has calculated the interest rate for this loan using the 1-month LIBOR from February 2016 (0.431%). For more information, see: https://www.global-rates.com/en/interest-rates/libor/american-dollar/2016.aspx 2. AidData is unable to ascertain individual amounts contributed to the loan by each member of the syndicate, therefore equal contributions from each lender have been assumed (460/7).

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