News: ICICI Bank to raise $1 b yen loan

(BL 22/12/2006) Mumbai - ICICI Bank will borrow $1 billion yen equivalent in three tranches under its loan syndication agreement in Geneva on December 20. "Twenty-six banks participated in the syndication facility, which is the widest participation for any Indian bank syndication in international markets. ICICI Bank concluded this transaction in one month from the date the mandate was awarded," said a bank release. The facility is split into three tranches: $350-million 364-day tranche, $450-million two-year tranche and a $200-million three-year tranche. "The $1-billion syndication is a benchmark deal as this facility marks the largest syndicated loan for an Indian bank borrower. It is heartening to see a number of new players participating in this deal," said Ms Chanda Kochhar, Deputy Managing Director, ICICI Bank. ICICI Bank has raised around $2 billion (including the current loan syndication) overseas till now.