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Tuesday September 1, 04:01 PM
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IRFC appoints banks for $400 mln loan - sources
By Anurag Joshi
MUMBAI (Reuters) - State-owned Indian Railway Finance Corp (IRFC) has appointed a consortium of six banks to raise a $400 million loan, two sources directly involved in the transaction said on Tuesday.
"The banks in the club are Sumitomo Mitsui Banking Corp, Bank of Tokyo-Mitsubishi UFJ, ANZ, Mizuho Financial Group, Standard Chartered and
Deutsche Bank," one source said.
The funds would be raised through a five-year loan at a pricing of 300 basis points above the six-month U.S. dollar London Interbank Offered Rate, both sources said.
They could not be named because of confidentiality.
"IRFC is also talking to some local public sector banks for raising another $75 million through a bilateral transaction," one source said.
"The company plans to draw down the entire $475 million by end of this month," he said, adding central bank approval was awaited.
