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Tuesday, Aug 23, 2005

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Indian Bank raises $100 million through syndicated loan

Our Bureau

Chennai , Aug 22

INDIAN Bank has completed a $100 million (about Rs 435 crore) syndicated term loan facility through its Foreign Currency Banking Unit, Colombo.

The loan has been arranged at an interest spread of 22 basis points over Libor, according to a bank press release.

The release said that this transaction marked the return of Indian Bank to overseas markets for raising resources from global markets after more than 10 years.

Nine international banks from seven countries joined the transaction. Bank Muscat S.A.O.G.; DBS Bank; DZ Bank AG, Singapore branch; Natexis Banques Populaires, Singapore branch; Overseas-Chinese Banking Corporation Ltd; and Raiffeisen Zentralbank Oesterreich AG (RZB Austria), Singapore branch were the lead arrangers for the transaction.

United Overseas Bank, Wachovia Bank, National Association and The Export-Import Bank of the Republic of China participated in the facility, for which RZB-Austria was the facility agent, the release said.

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