Piramal Finance raises $400 million in ECB from Global, local lendersincluding Deutsche Bank AG & SMBC
Mumbai: Piramal Finance has raised $400 million in an external commercial borrowing (ECB) package from a consortium of global and domestic lenders, including Deutsche Bank AG and Sumitomo Mitsui Banking Corp (SMBC).
Besides these two lenders, the up to 42-month facility was underwritten by Axis Bank, DBS Bank and Far Eastern International Bank. About half the principal raised will be repaid as a bullet payment at maturity.
The loan was priced at around the secured overnight financing rate+175 basis points, excluding fees, said people close to the development. One basis point is a hundredth of a percentage point.
"The strong participation from global and domestic investors reflects confidence in Piramal Finance's strategy and execution," said Jairam Sridharan, MD, Piramal Finance. "This transaction supports our approach to diversifying funding sources while ensuring cost-effective capital."
Besides these two lenders, the up to 42-month facility was underwritten by Axis Bank, DBS Bank and Far Eastern International Bank. About half the principal raised will be repaid as a bullet payment at maturity.
The loan was priced at around the secured overnight financing rate+175 basis points, excluding fees, said people close to the development. One basis point is a hundredth of a percentage point.
"The strong participation from global and domestic investors reflects confidence in Piramal Finance's strategy and execution," said Jairam Sridharan, MD, Piramal Finance. "This transaction supports our approach to diversifying funding sources while ensuring cost-effective capital."
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