Eight banks set for Bharti $5bn mandate

27 Aug 2009

Eight banks are in the frame for a $5bn loan backing India’s Bharti Airtel $23bn merger with South African mobile phone company MTN. Although the final terms on the deal are still being thrashed out — and lenders have not yet been fully signed in — market participants are already querying the tight pricing on offer.

The all-in average margin is now tipped to be 315bp, down from the 350bp originally discussed.

Meanwhile, MTN is also closing in on financing, expected to be a $4.5bn club loan raised in the international and local markets.

Read EuroWeek Asia tomorrow for a full rundown on the ...

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