Bank of Baroda said to hire three banks
Friday, 8 January 2010
SINGAPORE, Jan 7 (Bloomberg): Bank of Baroda, an Indian state-run lender, hired Calyon, HSBC Holdings Plc and Standard Chartered Plc to help it get a $125 million, three-year loan, according to two people familiar with the matter.
The loan will be marketed for syndication beginning in Taipei on Jan 11 and in Singapore Jan 12, and the money will be used for general working capital, the people said, declining to be named as talks are private.
Baroda, which on Oct. 28 reported a 61-per cent gain in second-quarter net income to 6.34 billion rupees ($139 million), will pay as much as 150 basis points more than the London interbank offered rate for banks offering to take on at least $20 million, and 140 basis points for those taking from $5 million to $9 million, the two people said.
The loan will be marketed for syndication beginning in Taipei on Jan 11 and in Singapore Jan 12, and the money will be used for general working capital, the people said, declining to be named as talks are private.
Baroda, which on Oct. 28 reported a 61-per cent gain in second-quarter net income to 6.34 billion rupees ($139 million), will pay as much as 150 basis points more than the London interbank offered rate for banks offering to take on at least $20 million, and 140 basis points for those taking from $5 million to $9 million, the two people said.