SBI announces successful execution of USD 500 Million offshore borrowing from IFSC Gift City
SBI announces successful execution of USD 500 Million offshore borrowing from IFSC Gift City through syndication / club loan facility
· First offshore USD SOFR linked syndicated loan by SBI through Gift City Branch
· Finest pricing amid ongoing turbulence in financial markets due to geopolitical tensions
· Strong presence in international markets helped SBI to get a very tight pricing
· The facility is for USD 400 Million plus USD 100 Million as green shoe option
· It is another step towards SBI’s commitment to develop IFSC Gift City as an international financial hub. SBI Gift City Branch has become largest branch in IFSC.
Mumbai – April 18, 2022: India’s largest commercial bank, State Bank of India (SBI), acting through its IFSC Gift City branch, raised 3-year funds of USD 500 million through syndicated loan facility at very fine pricing.
Commenting on the transaction, Shri Ashwini Kumar Tewari, Managing Director, SBI said, “The successful launch of Syndicated loan at such a fine pricing demonstrates the kind of reputation SBI has created for itself in offshore financial markets allowing it to efficiently raise funds even during ongoing turbulence in the markets caused by geopolitical tensions and rate hike expectations by US Federal reserve and other central banks across the globe. This is another important step taken by us to promote IFSC Gift City as international financial hub”.
MUFG, Bank of America and JP Morgan were the Joint lenders for this offering whereas Fist Abu Dhabi Bank acted as facility agent.