By Christine Van Dusen
Atlanta, Nov. 23 – India’s IDBI Bank Ltd. (Dubai International Financial Centre Branch) sold $350 million 4.26% notes due in 2020 (expected ratings: Baa3//BBB-) at Treasuries plus 255 basis points on Monday, a market source said.
The notes were talked at a spread in the 270 bps area.
BNP Paribas, ANZ, Citigroup, HSBC, JPMorgan and Standard Chartered Bank were the bookrunners for the deal.
The notes will include a change-of-control put at 100% if the government of India's shareholding falls below 51%.
The proceeds will be used to reimburse the company for funding of new and existing green projects.
Other details were not immediately available on Monday.
IDBI Bank is a public sector bank based in Mumbai.
| Issuer: | IDBI Bank Ltd. (Dubai International Finance Centre Branch)
|
| Amount: | $350 million
|
| Maturity: | 2020
|
| Description: | Senior notes
|
| Bookrunners: | BNP Paribas, ANZ, Citigroup, HSBC, JPMorgan, Standard Chartered Bank
|
| Coupon: | 4.26%
|
| Spread: | Treasuries plus 255 bps
|
| Change-of-control put: | At 100% | , if the government of India's shareholding falls below 51%
|
| Trade date: | Nov. 23
|
| Expected ratings: | Moody's: Baa3
|
| Fitch: BBB-
|
| Price talk: | Treasuries plus 270 bps area
|
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