ICICI signs agreement to raise USD 1.5 bn debt

Mumbai, Sep 4 (UNI) In India's largest ever offshore syndicated loan financed by a financing institution, country's largest private lender ICICI Bank today signed a multi-tranche dual currency agreement in Singapore, to mop-up nearly USD 1.5 billion.

The facility, which was participated by a total of 28 banks across the globe, is split in to three tranches.

These include a USD 500 million 364-day tranche, USD 500 million three-year tranche and USD 500 million five-year tranche.

The fund raising, which has closely followed ICICI's USD 5 billion mammoth public issue from both in domestic and intertnational markets, is learned to have been mooted to boost Bank's overseas operations.

''This is a benchmark deal as this facility marks country's largest offshore syndicated loan financing by a financing institution. We are delighted with the widespread interest the deal has generated,'' ICICI Bank Deputy MD Chanda Kochhar said.

Lead arrangers for the syndication are BNP Paribas, Bayerische Landesbank, Calyon, Commerzbank, Goldman Sachs, HSBC, Intesa Sanpaolo, Natixis, Standard Chartered bank and Sumitomo Mitsui Banking corporation.

UNI