BASIS POINT-Secondary: Bharti pieces on offer

BASIS POINT-Secondary: Bharti pieces on offer

Last Updated: Wed, Oct 31, 2012 11:21 hrs

HONG KONG, Oct 31 (Basis Point) - Several pieces of Bharti Airtel Ltd's US$7.5bn multi-tranche loan from March 2010 are on offer in the secondary market, sources said.

The deal consists of tranches due in June 2013, June 2014, June 2015 and June 2016, paying margins of 140bp over Libor, 160bp, 175bp and 195bp, respectively.

Some sellers are offering up to US$30m of each tranche, while some are offering up to US$20m.

One seller is offering the 2014, 2015 and 2016 pieces at around 99%, 97% and 95% of par, respectively. Another is offering the 2013, 2014 and 2015 tranches at 99.5%, 98% and 96%.

In March, a chunk of the 2013 tranche was reported to have traded at 96.5%.

Eleven mandated lead arrangers and bookrunners underwrote the deal in primary. They were Standard Chartered Bank, Barclays, ANZ, BNP Paribas, Bank of America Merrill Lynch, Bank of Tokyo-Mitsubishi UFJ, Credit Agricole, DBS Bank, HSBC, Sumitomo Mitsui Banking Corp and State Bank of India.

The deal, borrowed via Bharti Airtel International (Netherland) BV and Bharti International (Singapore) Pte Ltd, backed the acquisition of Zain Africa BV. (Jacqueline Poh)

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