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.