Bank of China contributes ¥4.179 billion toward ¥59.7 billion JPY syndicated term loan to Vodafone Essar

On or around December 12, 2007, Bank of China committed ¥4.179 billion JPY towards a ¥59.7 billion JPY syndicated term loan for India's Vodafone Essar. This loan carried a maturity period of five years and an interest of LIBOR plus 53 basis points. The loan was launched on November 16, 2007 via mandated leads arrangers Bank of Tokyo-Mitsubishi UFJ, Commerzbank, Fortis, ING, and Mizuho, who all pledged ¥7,2237bn each. Lead arranger and sole book-runner BNP Paribas lent ¥7.8207bn. Nordea Bank committed ¥3.8208bn, Sumitomo Mitsui Banking Corp provided ¥5.373bn, and Export Development Canada committed ¥2.388bn. Banks were invited to join the syndicate on three levels. Arrangers providing $30 million or more gain 40bp in participation fees for an all-in of 61bp, co-arrangers holding between $20 million and $29 million gain 35bp for an all-in of 60bp and lead managers lending between $10 million and $19 million get 30bp receiving an all-in of 59bp. The closing date for syndication was scheduled for December 12, 2007.

Additional details

1. The average 6-month LIBOR rate in December 2007 was used to calculated the all-in interest rate (4.825% + 0.53% = 5.355%).

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Number of total sources

2