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Emerging Market Loans

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  • Russian oil firm TNK-BP has cut the number of banks on a new $2bn loan from 25-30 to about 15 after toughening up the pricing, according the bankers close to the deal.
  • India’s Bharti could launch the $7.5bn offshore portion of its Zain acquisition financing into general syndication as early as next week, as all the expected final commitments in senior syndication have now come in. The deal has generated some demand in senior syndication but bankers are closely watching the deal’s progress in the retail phase, where banking relationships are expected to count for less.
  • Bahrain’s Gulf Finance House (GFH) secured another payment deferral and a reduction in the price of its extended loan facility after the final three lending banks were persuaded to commit to the amendment.
  • A $421m bridge loan for Cambodian telecommunications business CamGSM has closed with a syndicate of eleven. It is a rare offshore loan from the country and the largest ever international loan for a Cambodian borrower — leading rival bankers to expect it a tricky sell.
  • Romanian aluminium producer, Alro, has closed the syndication of the commercial bank portion of a refinancing, according to bankers close to the deal.
  • Tatneft, Russia’s sixth biggest oil producer, has secured a decrease in the margin on a $1.5bn pre-export finance deal signed in October 2009.