Yes Bank Raises $422 Million by Dual Currency Loan Facility
Mumbai: Yes Bank on Monday said it has raised $422 million by way of dual currency multi-tenor syndicated loan facility.
The amount, a combination of $288 million and 103.5 million euros, shall be utilised for general corporate purposes, the private sector lender said in a statement. It, however, did not specify the coupon for the issue. The loan facility has a maturity of one, two and three years.
"This is a significant commitment from global banks, reinforcing our differentiated business and financial model as well as reflecting faith and trust reposed in the bank," Yes Bank managing director and CEO Rana Kapoor said.
The facility was launched in August this year as $275 million plus a green shoe option.
The bank decided to close the book once it crossed the $400 million mark, which was within the comfort level of the green shoe amount.
The loan has received commitments from 21 banks, representing 14 countries across the US, Europe, Africa, West Asia, Japan, Taiwan and Australia, with larger commitment coming in the two and three year tranches, the statement said.
The initial mandated lead arrangers and book-runners (IMLABs) on the transaction were ANZ Banking Group, Bank Muscat SAOG, Commercial Bank of Qatar QSC, Commerzbank Aktiengesellschaft, Emirates NBD Capital, First Gulf Bank PJSC, Hongkong and Shanghai Banking Corp, National Bank of Abu Dhabi PJSC, Shinsei Bank, State Bank of India and Wells Fargo Bank.
The loan was coordinated by Emirates NBD Capital.
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