Drilling & Offshore has received two commitments for a total of US$110m, while around six more banks are processing commitments for a combined US$100m. Deutsche Bank has fully funded the facility as the mandated lead arranger and bookrunner. The senior secured term loan, backed against refund guarantees that seven Indian banks had issued, offers a margin of 310.3bp and has an average life of around 1.75 years. The seven Indian banks providing the refund guarantees are Bank of Baroda, Bank of India, Export-Import Bank of India, ICICI Bank, IDBI Bank, Punjab National Bank and State Bank of India.
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