MUMBAI, Feb 28 (Reuters) - India's Housing Development
Finance Corp Ltd. has raised $300 million via external
commercial borrowing from a consortium of four lenders under the
affordable housing scheme of the central bank, it said in a
statement on Friday.
The borrowing, in the form of a syndicated loan facility, is
the first by an Indian housing finance company and has a tenor
of 5 years with the interest rate set at a spread of 1.75
percentage points over dollar Libor.
HDFC has swapped the facility in Indian rupees for the
entire tenor of the loan starting in February 2014.
The managers of the deal include State Bank of India
and Sumitomo Mitsui Banking Corp as lead arrangers and
bookrunners, and the Bank of Tokyo-Mitsubishi UFJ Ltd and DBS
Bank Ltd as mandated lead managers.
(Reporting by Swati Bhat, editing by David Evans)