When Indonesian conglomerate CT Corp started talks with lenders for US$1.275bn loan in November 2013, it faced an uphill struggle. The country was beset by raft of macroeconomic problems, including weak growth, an outflow of foreign capital and a deteriorating currency. With its business relying on rupiah revenues, increasing the company's leverage ratio was a bold move; CT Corp was looking for underwriting commitments in the teeth of a currency crisis. Making it even more challenging was that it had already raised a US$750m three-year loan only eight months earlier. Within weeks, however, CT Corp had lined up 13 mandated lead arrangers and bookrunners, which together prefunded the new US$1.275bn three-tranche borrowing in December.
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