BASIS POINT-GSPL seals Rs50.8bn project financing

Last Updated: Mon, Jul 09, 2012 11:20 hrs

SINGAPORE, July 9 (Basis Point) - GSPL India Transco Ltd has closed a Rs50.8bn (US$907m) 14-year loan to fund the construction of Mallavaram-Bhopal-Bhilwara-Vijaipur cross-country natural gas trunk pipelines and allied facilities.

The loan is split into a term loan A of Rs47.17bn and sub debt of Rs3.63bn. It pays a fixed 11.25% interest rate.

SBI Caps was the bookrunner.

Allocations are: Canara Bank (Rs6.1bn), Bank of India (Rs4.63bn), Dena Bank (Rs4.6bn), Punjab National Bank (Rs4.6bn), Syndicate Bank (Rs4.6bn), Union Bank of India (Rs4.6bn), Corporation Bank (Rs4bn), Punjab and Sind Bank (Rs4bn), United Bank of India (Rs4bn), Indian Bank (Rs3bn), Vijaya Bank (Rs2bn), Allahabad Bank (Rs2bn), State Bank of Mysore (Rs1.4bn) and Federal Bank (Rs1.27bn).

The loan, which matures in June 2026, was signed on June 29. GSPL India Transco is a special purpose vehicle promoted by state-run run Gujarat State Petronet Ltd, Indian Oil Corp, Hindustan Petroleum Corp and Bharat Petroleum Corp. GSPL holds 52% in the project, while IOC has 26% and HPCL and BPCL have 11% each. (Reporting by Manju Dalal; Editing by Gavin Stafford)

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