Indian Banks Step Up

We are heartened to note that Indian banks are stepping up financing activities for their shipping clients. India’s largest private sector shipping company, Great Eastern Shipping, had secured a USD 25 million 9.25 year term loan from three Indian banks, led by AXIS Bank. The loan priced at 360 bps over LIBOR and the proceeds will be set aside for capital expenditure. State Bank of India (Mauritius) and Bank of India were the other two participants.

The country’s second largest private sector shipping company, Mercator Group, found similar success with the domestic lenders. Mercator Offshore (Nigeria) inked a USD 79 million six year term loan facility arranged by AXIS Bank. The loan was guaranteed by Mercator Lines and was priced at 335 bps over LIBOR. Bank of India, Bank of Baroda and DBS Bank were the other participants.

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