Date:06/08/2005 URL: http://www.thehindubusinessline.com/2005/08/06/stories/2005080602280200.htm

Back IPCL closes $100-m loan syndication

Our Bureau

Mumbai , Aug. 5

IPCL today said it had closed its $100-million, three-year, multi-currency syndicated term loan facility.

According to a release, the facility was well received by the market and "significantly" oversubscribed.

The loan, which carries an interest margin of 0.44 per cent over the annual London Interbank Offer Rate (LIBOR), comprised total participation from 12 banks.

The Bank of Tokyo-Mitsubishi Ltd, Bayerische Hypo-und Vereinsbank AG - Singapore Branch, BNP Paribas, Calyon, Citigroup Global Markets Singapore Pte Ltd, Mizuho Corporate Bank Ltd, and Sumitomo Mitsui Banking Corporation acted as mandated leader arrangers.

Chinatrust Commercial Bank Ltd - Offshore Banking Branch, The International Commercial Bank of China - Singapore Branch, E. Sun Commercial Bank Ltd - Offshore Banking Branch, and Commerzbank AG - Singapore acted as arrangers; the Export-Import Bank of the Republic of China Branch acted as lead manager.

Citigroup Global Markets Asia Ltd was the sole book runner.

This is the third time this year that Reliance Industries Ltd and its group company, IPCL, have approached the syndicated loan market, raising $800 million and achieving commitments including over-subscription in excess of $1.25 billion.