HONG KONG, Oct 25 (Basis Point) - Four bids were submitted
in response to Power Finance Corp Ltd's request for proposals
for a four-year term loan and banks are awaiting news of a
mandate, according to sources.
The bids said to have been submitted were: a joint bid from
ANZ and Bank of America Merrill Lynch; a joint bid from Bank of
Tokyo-Mitsubishi UFJ, Chinatrust Commercial Bank and Mizuho
Corporate Bank; a joint bid from State Bank of India and
Sumitomo Mitsui Banking Corp; and a sole bid from Bank of India.
The sole bid was said to have had the highest pricing, while
the three joint bids were said to be fairly closely priced,
according to a source. The borrower is said to have restricted
bidding groups to a maximum of three banks.
As previously reported, PFC had sent out a request for
proposals for a US$100m term loan with a US$150m greenshoe
The four-year loan would have an average life of three
In July, the borrower sealed an upsized US$250m three-year
loan which paid a top-level all-in of 220bp via a margin of
175bp over Libor. Mandated lead arrangers and bookrunners BTMU
and Mizuho were joined by 15 lenders.
Bombay Stock Exchange-listed PFC onlends to power utilities
and power sector entities.
(Reporting by Maggie Chen and Sandra Tsui; Editing by Gavin