Ballarpur yields are boosted after pitiful market response

24 Sep 2008

The $550m facility for Ballarpur Industries, or Bilt, India’s largest pulp and paper maker, this week became the first Asian loan to be re-priced following the collapse of Lehman Brothers.

In a long anticipated move, sole bookrunner Citigroup has had to push up margins on the loan by 100bp and increase fees by around 30bp to attract lenders. The deal, which has been in the market for four months, had failed to attract a sufficient amount of interest. ...

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