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India’s largest commercial bank, State Bank of India (SBI), acting through its IFSC Gift City branch, has raised three-year funds of $500 million through a syndicated loan facility. The facility is for $400 million-plus-$100 million as a greenshoe option. It is the first offshore USD secured overnight financing rate-linked syndicated loan by SBI through the Gift City Branch.
Ashwini Kumar Tewari, Managing Director, SBI, said, “The successful launch of a 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 an international financial hub,” said Tewari.
SBI Gift City Branch has become the largest branch in IFSC, it said. MUFG, Bank of America, and JP Morgan were the joint lenders for this offering whereas First Abu Dhabi Bank acted as facility agent.
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