Essar Group raises syndicated loan of $3.59 billion

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Essar Group raises syndicated loan of $3.59 billion

October 15, 2007

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The Essar Group has mandated four international banks - BNP Paribas, Citigroup Global, Commerzbank AG and Standard Chartered - to raise a syndicated loan of $3.59 billion. Standard Chartered has underwritten 35 per cent of the total loan amount, Commerzbank 25 per cent, BNP Paribas 20 per cent and Citigroup 20 per cent. The loan facility, raised against the Essar Group's 33 per cent stake in Vodafone Essar, will be used to refinance existing debt and to fund further investment and expansion. The loan carries an interest rate of 0.9 per cent over Libor and has a maturity date of December 8, 2011.