and a remaining life of 4.83 years.
That facility saw participation from 18
lenders, including eight joining in general
syndication.
State Bank of India Sydney is wrapping
up syndication of a A$200m (US$150m)
term loan that has attracted four banks.
CTBC Bank and Mizuho Bank are the
MLABs of the bullet financing, which has
three and five-year portions and offers
top-level all-in pricing of 105bp and 133bp
based on margins of 93bp and 126bp over
BBSY, respectively.
In April, SBI Sydney closed a A$120m
bilateral with SMBC. That deal paid a
margin of 106bp over BBSY, according to
LPC data.
› IOC SENDS RFP FOR US$300M LOAN
State-owned oil and gas company INDIAN OIL
CORP has sent a request for proposals for a
US$300m three-year financing.
The deadline for the deal, which comes
with an unspecified greenshoe, is on Friday.
IOC last signed a US$300m refinancing
with five banks in December 2017. Bank
of Nova Scotia was the original mandated
lead arranger and bookrunner of the tightly
priced deal, which paid a top-level all-in
pricing of 91bp based on an interest margin
of 70bp and a remaining life of 4.75 years.
› NTPC SENDS RFP FOR 10-YEAR SAMURAI
India’s largest power utility company
NTPC has sent a request for proposals for
a US$150m-equivalent 10-year facility
denominated in yen, returning to the
Samurai loan market less than a year after
its last visit.
The deadline for responses is November
2.
In April, the borrower signed a ¥39.42bn
(then US$370m) 10-year facility – the
first unsecured decade-long borrowing in
the offshore loan market. Mizuho Bank,
MUFG and Sumitomo Mitsui Banking Corp
were the mandated lead arrangers and
bookrunners of the Samurai loan, which
attracted eight other lenders in general
syndication.
That deal offered a top-level all-in pricing
of 105bp based on an interest margin of
95bp over Tibor and a weighted average
remaining life of 10 years.
Another Indian state-owned electric
utility, Power Grid Corp of India, is seeking
a US$200m-equivalent 12-year door-to-
door Samurai, marking its debut in the
international loan markets.
Separately, state-owned Indian
Railway Finance Corp closed last month
a ¥26.231bn 10-year Samurai loan,
which attracted three banks in general
syndication. Mizuho, MUFG and SMBC were
the MLABs of the bullet deal, which offered
a top-level all-in pricing of 100bp based
on a margin of 80bp over yen Libor and a
remaining life of 9.5 years.
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by S&P and Fitch.RESTRUCTURING
› IL&FS APPOINTS ADVISERSINFRASTRUCTURE LEASING & FINANCIAL SERVICES
has appointed Arpwood Capital, JM Financial
Consultants and Alvarez & Marsal as advisers
to help develop and execute a resolution
plan for the debt-laden company.
In a meeting last week, the IL&FS board
“considered it important to harmonise all
asset monetisation activities, including
ongoing initiatives, and to undertake
the same in a transparent and speedy
manner” to serve the interest of different
stakeholders, the non-banking financial
company said in a release.
Arpwood Capital and JM Financial
Consultants will act as financial and
transaction advisers, and Alvarez & Marsal
will be the restructuring adviser.
Alvarez & Marsal will assist the board in
maintaining strict liquidity management
controls at the group on a daily basis,
evolve the resolution plan and manage
communications with stakeholders during
the implementation of the restructuring
plan.
Separately, a proposed IL&FS rights
issue of Rs45bn (US$610m) cannot go
ahead as the company must first present
its resolution plan to the National
Company Law Tribunal by the end of this
month, according to a market source. The
company had received approval for the
rights issue in August, before it made a
series of defaults.
IL&FS has outstanding debt of Rs910bn
and needs a fund injection to address a
short-term liquidity crunch.
Earlier this month, the government took
the extraordinary step of effectively seizing
control of IL&FS after the defaults caused
turmoil in financial markets.
The IL&FS board was replaced with
six nominees, including Uday Kotak, the
managing director of Kotak Mahindra Bank,
as non-executive chairman.
The board also appointed Vineet Nayyar
as managing director. Nayyar is executive
vice-chairman of Tech Mahindra, which
helped turn around failed computer
services company Satyam.
The new board will come up with a
revival plan for the lender that couldinclude selling stakes in some of its
businesses, an Indian government official
told Reuters.EQUITY CAPITAL MARKETS
› SBI BOARD CLEARS RS200BN EQUITY PLANSTATE BANK OF INDIA’s board of directors has
approved a plan to raise equity capital of up
to Rs200bn (US$2.7bn) in the financial year
to March 31 2019.
The funds can be raised through a
qualified institutional placement, follow-on
offer or rights offer.
The board also approved a plan to raise
up to Rs50bn through an issue of Tier 2
bonds. The bonds can be issued either in US
dollars or Indian rupees to foreign or local
investors in the 2019 financial year.
The timing of the transactions and the
participating banks will be decided later.
In 2017, SBI completed the country’s
largest qualified institutional placement of
Rs150bn at a zero discount.
SBI shares closed last Monday at
Rs260.35, down 16% year to date.› SHORTLISTS FOR HUDCO AND NBCC SALESThe Department of Investment and
Public Asset Management has ranked PNB
Investment, Elara Capital and IDBI Capital
as the top three bidders to manage a 10%
stake sale in state-owned NBCC INDIA.
The stake is valued at a maximum
Rs9.5bn at last Thursday’s close.
The bank line-up will be finalised when
Elara and IDBI match the fees quoted by
PNB.
ICICI Securities, SBI Capital and Yes
Securities were the other bidders.
Separately, Elara Capital, IDBI Capital and
SBI Capital have been ranked the top three
bidders for a 10% stake sale in HOUSING
AND URBAN DEVELOPMENT COMPANY. At last
Thursdays’s close the stake sale will total a
maximum Rs8.2bn.
The banks will be finalised when IDBI
Capital and SBI Capital match the fees bid
by Elara.
PNB Investment, ICICI Securities and Yes
Securities were the other bidders for the
Hudco transaction.
The financial bids of PNB Investment for
NBCC and Elara’s for Hudco are not known.
Up to three banks will be hired for each
of the sale.
The government owns 89.81% of Hudco
and 73.75% of NBCC.
NBCC shares are down 57% year to date
and Hudco down 50%.
DIPAM manages stake sales in state-
owned companies.