stakes in the company to 6.0% and 20.5%,
respectively.
There is a 90-day lock-up on the pair.
Goldman Sachs and Renaissance Capital were
the joint bookrunners.
INDIA
DEBT CAPITAL MARKETS
› CANARA ADDS US$200M TO 2022S
CANARA BANK, acting through its London
branch, has added US$200m to its existing
2022 bonds, lifting the total outstanding
size to US$600m.
The Indian lender began marketing
the tap of its the 3.25% 2022 bonds at
Treasuries plus 135bp area. Final pricing
came at T plus 119bp.
The Reg S tap has initial ratings of Baa3/
BBB– (Moody’s/Fitch), on par with those
on the Indian issuer. Both credit agencies
have stable outlooks on their ratings for the
bank.
Axis Bank and Standard Chartered are joint
bookrunners.
› GMR HYDERABAD AIRPORT HIRESGMR HYDERABAD INTERNATIONAL AIRPORT (Ba1/BB+/
BB+) began investor meetings and calls in
Singapore, Hong Kong, London, New York
and Boston from last Wednesday.
Bank of America Merrill Lynch and HSBC
are joint global coordinators, as well as
joint bookrunners with Citigroup and JP
Morgan.
An offering of US dollar 144A/Reg S 10-
year secured bonds may follow, subject to
market conditions.
The notes are expected to be rated BB+/
BB+ (S&P/Fitch).› BAJAJ FINANCE TO RAISE RS10BNBAJAJ FINANCE plans to place privately with
INTERNATIONAL FINANCE CORP Rs10bn (US$153m)
of seven-year bonds priced at 7.65%,
according to market sources.
Bajaj Finance has yet to make an official
announcement on the related price, size
and placement details.
Last month, the Indian finance company
reopened its 7.2525% November 2020 bonds
for a tap of up to Rs7bn at an effective yield
of 7.26%.
Crisil has assigned a AAA rating to the
bonds.SYNDICATED LOANS
› HDFC RAISES US$500M FACILITYHDFC BANK, acting through its Mumbai
branch, has obtained a US$500m 364-
day facility that attracted four lenders in
general syndication.
Axis Bank, Standard Chartered and State
Bank of India were the mandated lead
arrangers and bookrunners on the loan,
prefunded on June 29. The loan, signed
in early September, offered a top-level
all-in pricing of 63bp, based on an interest
margin of 57bp over Libor and a remaining
life of 0.83 years.
Funds are for working capital, general
banking and other corporate purposes.
Separately, the borrower raised a
US$600m five-year loan on a club basis
also in September. Bank of America Merrill
Lynch, Citigroup, DBS Bank, Mitsubishi UFJ
Financial Group and United Overseas Bank
were the MLAs on that loan, obtained for
general corporate purposes.
For full allocations, see http://www.ifrasia.com.› ASTER DM FINANCING CLOSESDubai-based ASTER DM HEALTHCARE has closed
syndication of a US$295m multi-tranche
loan with eight banks.
Sole mandated lead arranger and
bookrunner Axis Bank prefunded the loan
partially on March 23 and launched it into
general syndication in early May.
Market commitments totalled US$286m.
Final signing with all lenders, as well as
drawdown, takes place this week.
The loan is split into a US$55m 4.25-year
facility (tranche A), a US$100m 10-year
portion (tranche B), a US$70m 10-year piece
(tranche C) and a US$70m eight-year facility
(tranche D).
Tranches A and B are for refinancing
existing debt, while tranche C will fund
capital expenditure. Tranche D is for future
acquisitions.
The four tranches pay initial interest
margins of 325bp, 380bp, 380bp and 350bp
over Libor and have average lives of 2.51,
6.28, 6.15 and 4.60 years, respectively.
The average lives are calculated assuming
average drawdown as per applicable
availability periods and settlements in June.
The top-level all-in pricing was 378.35bp,
based on a blended margin of 368.64bp
over Libor and the remaining blended
average life is 5.15 years.
Aster DM Healthcare’s previous visit to
the loan markets was in March last year
for a US$166m five-year and seven-year
facilities, according to Thomson Reuters
LPC data, of which US$155m is outstanding.
Azad Moopen, a medical doctor, foundedTata to mandate for refi
Loans Car-maker borrows in sterling – the currency of Jaguar Land RoverTATA MOTORS is close to mandating banks on
an US$850m-equivalent loan denominated
in pound sterling for refinancing purposes.
The arranger group is expected to include
ANZ, Credit Agricole, DBS Bank, First Abu
Dhabi Bank, Mitsubishi UFJ Financial Group
and Mizuho Bank. The mandate will be
formally awarded this week.
The new loan, which refinances a
US$250m facility from March 2016 and a
US$600m borrowing from December 2015,
will have tenors of three, five and six years.
The loan will be denominated in sterling
because the revenue of Tata subsidiary Jaguar
Land Rover is in that currency.
The March 2016 loan funded the buyback
of the Indian automaker’s S$350m (US$243m
then) 4.25% notes due 2018.
ANZ was the sole MLAB of the financing,
which attracted 17 other lenders in general
syndication.
The loan offered a top-level all-in pricing of
180bp, based on an interest margin of 165bp
over Libor, and has a 4.24-year door-to-door
tenor and four-year remaining life.The December 2015 loan comprised
a US$300m five-year tranche A and a
US$300m seven-year tranche B. ANZ, CA,
DBS, First Gulf Bank, Standard Chartered
and State Bank of India were the MLABs and
attracted 32 others in general syndication.
Tranches A and B paid top-level all-ins of
190.49bp and 241.64bp, based on interest
margins of 176bp and 227bp over Libor,
and average lives of 4.83 and 6.83 years,
respectively.
The blended margin is around 205bp over
Libor and the blended average life is 5.83
years.
In March 2016, Tata Motors also raised
a US$250m syndicated loan via Fiat India
Automobiles, a 50:50 joint venture with
Fiat Chrysler Automobiles. Citigroup and
SBI were the MLABs of the facility, which
attracted three others. That loan, which
paid a top-level all-in of 250bp, based on
an interest margin of 235bp over Libor,
has a door-to-door tenor of 7.6 years and
an average life of 5.1 years.
PRAKASH CHAKRAVARTI