Tata steel has hit the market with its long-awaited US$5.64bn-equivalent loan component of a US$7bn refinancing, in the largest and potentially also Asia's most widely syndicated borrowing of the year. With an array of banks already at the top and the loan paying rich pricing relative to that on offer from other Indian borrowers, success is almost assured for the five-part facility, split between two borrowers. The underwriting group comprises 16 banks, including 11 foreign mandated lead arrangers and bookrunners, compared with the 14-strong MLA group on a £3.5bn-equivalent multi-tranche loan signed in December 2010. On that facility, only the five-year tranches, comprising a €2.21bn (US$2.83bn) amortising loan and a £690m (US$1.11bn) revolver, were syndicated, with 10 lenders joining the 14 MLAs.
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