HONG KONG, Oct 15 (Basis Point) - The US$250m multi-tranche term loan for Bhushan Steel Ltd has been signed, according to sources.
As previously reported, the loan comprises three tranches: an US$83m tranche A with an average life of 5.5 years, an US$83m tranche B with an average life of 6.5 years, and an US$84m tranche C with an average life of 7.5 years.
On tranche A, sole mandated lead arranger and bookrunner State Bank of India held US$58m, while Union Bank of India joined with US$25m.
On tranche B, SBI held US$68m, while SBI International (Mauritius) Ltd took US$15m. SBI took the whole of the US$84m tranche C.
As previously reported, the facility pays a margin of 350bp over Libor. Banks were offered a top-level all-in of 377bp for tranche A, 388bp all-in for tranche B, and 393bp all-in for tranche C.
Funds from the underwritten loan are for capital expenditure. (Reporting by Maggie Chen; Editing by Gavin Stafford)