a government-owned non-banking financial
company. Barclays, MUFG and Standard
Chartered were the joint bookrunners on
that deal, which comprised US$400m five-
year and US$600m 10-year bonds, according
to IFR Asia.
The borrower last signed a US$150m-
equivalent five-year Samurai loan in January.
Mizuho Bank and MUFG were the mandated
lead arrangers and bookrunners of the bullet
facility, which has been equally pre-funded.
PFC is rated Baa3/BBB–/BBB–.
› EXIM INDIA SIGNS DUAL-TRANCHER
State-owned EXPORT-IMPORT BANK OF INDIA has
signed a US$225m dual-tranche financing
with three lenders joining in syndication.
MUFG and Sumitomo Mitsui Banking Corp
are the mandated lead arrangers and
bookrunners of the term loan, which
comprises a US$150m five-year tranche and
a US$75m three-year portion.
Bank of New York Mellon joined as an
arranger, while ING Bank and National Bank
of Kuwait came in as participants.
Proceeds are for general banking and
other purposes approved by the Reserve
Bank of India and in compliance with
the RBI’s external commercial borrowing
guidelines.
The borrower raised a US$120m 27-
month facility in December 2015, according
to LPC data. Mizuho Bank was the sole
MLAB, while Hyakujushi Bank joined as a
participant.
Exim India is rated Baa2/BBB–/BBB–.
› SIX JOIN BORL'S US$125M FACILITY
BHARAT OMAN REFINERIES has signed a US$125m
two-year term loan with six lenders joining
in general syndication.
Sumitomo Mitsui Banking Corp was the sole
mandated lead arranger and bookrunner.
Taipei Fubon Commercial bank joined the deal
as an MLA, while AfrAsia Bank, Gunma Bank,
Hyakugo Bank, Korea Development Bank and
Taiwan Cooperative Bank Manila OBU came in
as lead arrangers.
The financing paid a top-level all-in
pricing of 101.5bp based on an interest
margin of 73bp over Libor and a remaining
average life of 1.75 years.
It will use the funds to refinance existing
foreign-currency facilities in compliance
with Reserve Bank of India guidelines.
The borrower last raised a US$125m
three-year loan in December 2015. Mizuho
Bank, SMBC and UOB Bank were the
MLABs of that bullet facility, which closed
as a club. The deal is said to have been
mandated at below 130bp all-in pricing.
BORL, a unit of state-owned Bharat
Petroleum Corp, owns and operates an
oil refinery with a capacity of six million
metric tonnes per annum in Bina, Madhya
Pradesh in Central India. BORL is a 50-50
joint venture between BPCL and Oman Oil.EQUITY CAPITAL MARKETS
› TATA SPONGE LAUNCHES RIGHTS OFFERTATA SPONGE IRON has opened a Rs17bn
(US$239m) rights offer for subscription.
The company is selling 33m shares in a
15-for-7 ratio at Rs500 each. Tata Sponge
shares closed at Rs540.25 last Tuesday.
Books will close on July 16. The funds
raised from the rights offer will be used to
reduce debt.
Axis Capital, Centrum Capital and SBI Capital
are the lead managers.› INDIA HIRES BANKS FOR RITES STAKE SALEDepartment of Investment and Public
Asset Management has hired Elara, IDBICapital and SBI Capital for a 15% stake sale in
engineering consultant Rites.
At current market prices the sale will
total up to Rs8.9bn.
ITI Capital, IDFC Securities, PNB
Investment and Yes Securities also bid for
the mandate but did not make it to the
final syndicate.
For the first time, Dipam has allowed
banks to quote a “drop dead fee”. This fee is
payable by the government in case it calls
off the transaction after hiring the banks.
Last year, the government sold a 12.6%
stake through the company’s Rs4.7bn IPO
at Rs185 each. Rites shares were down 0.2%
at Rs295.65 Wednesday morning on the
National Stock exchange.
Elara Capital, IDBI Capital, IDFC and SBI
Capital were the banks on the IPO.› STERLING WILSON TO LAUNCH IPOSolar engineering procurement and
construction company STERLING AND WILSON
plans to launch an IPO of up to Rs45bn in
the next two weeks, according to people
with knowledge of the transaction.
Controlling shareholders Shapoorji
Pallonji & Company and founder and
managing director Khurshed Daruvala will
sell secondary shares. No primary shares
will be offered.
In the nine months to December 31
the company recorded revenue of Rs61bn
compared with Rs32bn in the same period
of 2017. Net profit rose to Rs3.4bn from
Rs1.7bn during the same period.
Axis Capital, Credit Suisse, ICICI Securities,
Deutsche Bank, IIFL Holdings and SBI Capital
are the joint global coordinators and
bookrunners with IndusInd Bank and Yes
Securities.
The company is part of the Shapoorji
Pallonji Group which has interests in
construction, engineering, textiles and
power.Top lead managers of Indian rupee bonds
1/1/19 – 30/6/19
Amount
Name Issues Rs(m) %
1 Axis 103 512,911.6 21.3
2 ICICI Bank 93 352,960.6 14.6
3 HDFC 81 215,062.9 8.9
4 Yes Bank 69 214,157.5 8.9
5 Trust Group 87 214,011.9 8.9
6 AK Capital 70 170,605.4 7.1
7 Kotak Mahindra 59 166,249.1 6.9
8 Tipsons 49 124,807.6 5.2
9 Standard Chartered 9 102,794.6 4.3
10 Punjab National Bank 22 49,418.5 2.1
Total 157 2,411,942.8
*Market volume
Proportional credit
Source: Refinitiv data SDC Code: AS23
Top bookrunners of India syndicated loans
1/1/19 – 30/6/19
Amount
Name Deals US$(m) %
1 State Bank of India 3 4,972.0 29.2
2 Axis 8 2,130.0 12.5
3 Yes Bank 23 1,692.9 9.9
4 Standard Chartered 9 1,254.6 7.4
5 Westpac 3 997.1 5.9
6 L&T Financial Services 7 680.3 4.0
7 Indusind-Bank 9 667.0 3.9
8 Credit Suisse 1 550.0 3.2
9 First Abu Dhabi Bank 5 525.2 3.1
10 SMFG 4 504.6 3.0
Total 62 17,037.0
* Based on market of syndication and market total
Proportional credit
Source: Refinitiv data SDC Code: S10bIndia equity and equity-related
1/1/19 – 30/6/19
Amount
Name Issues US$(m) %
1 Morgan Stanley 7 1,834.1 13.9
2 BAML 5 1,492.5 11.3
3 ICICI Bank 6 1,366.2 10.4
4 Axis 10 1,120.6 8.5
5 Kotak Mahindra 6 1,010.8 7.7
6 JP Morgan 3 920.3 7.0
7 Goldman Sachs 4 879.1 6.7
8 HSBC 4 793.4 6.0
9 HDFC 2 749.6 5.7
10 Citigroup 7 744.8 5.6
Total 78 13,204.5Source: Refinitiv data SDC Code: C1L