Oil India picks 11-member club for $1.3bn loan

By Rashmi Kumar
04 Nov 2013

Oil India has picked a group of 11 banks to arrange a $1.3bn 12 month bridge loan, opting to close it as a club owing to the short tenor. While 10 of the lenders are supplying $1bn collectively, HSBC is giving the state-owned group $300m, having submitted a proposal offering a low margin in the 60bp over Libor range.

The banks providing the $1bn are Australia and New Zealand Bank, Bank of Tokyo Misubishi-UFJ, Citi, Credit Agricole, DBS, Deutsche Bank, Mizuho Bank, Royal Bank of Scotland, State Bank of India and Sumitomo Mitsui Banking Corp, according to bankers on the deal.

These banks submitted their proposals as ...

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