Gas Authority of India shuns syndicated loan for bilateral

17 Feb 2011

Gas Authority of India (Gail) has shunned the syndicated loan market, turning to a single lender for $150m of funding and ending weeks of speculation about whether it would mandate banks for a deal it aggressively marketed at the end of 2010.

Bank of Tokyo-Mitsubishi has stepped forward with a $150m bilateral loan, a transaction that bankers who lost out on the deal think will pay even tighter pricing than the planned syndicated loan.

"BTMU could provide Gail with a fairly decent amount and probably at pricing they like, so at ...

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