Yes Bank raises $400 mn through twin loans

Leading Indian private lender Yes Bank said on Tuesday it was raising $400 million (Rs 2,600 crore) through two syndicated loans from Taiwan and Japan.

"The first loan of $250 million is from 17 Taiwanese banks and second (Samurai) loan of $150 million from 8 Japanese banks," said the bank in a statement here.

The Mumbai-based bank has tied up a 5-year commercial loan in a syndication led by CTBC Bank, Bank of Taiwan, Mega International Commercial Bank and Land Bank of Taiwan.

"The syndication for an initial size of $200 million, with a green-shoe option saw a total subscription of $355 million from 13 banks besides the four mandated lead arrangers," noted the statement.

The issue was closed with the loan upsised to $250 million.

"This is our second strategic loan syndication transaction in Taiwan after a maiden transaction in 2016 for a 5-year $130-million syndicated loan from 10 banks, including the lead arrangers - CTBC Bank and Taiwan Cooperative Bank," said the statement.

The raising of maiden Samurai loan for one year was led by Bank of Tokyo Mitsubishi UFJ as lead arranger and book runner.

The issue was closed with over-subscription, with participation by 8 Japanese banks.

"Our maiden Samurai transaction in Japan and strategic syndications in Taiwan demonstrate our ability to tap varied resource pools at competitive prices," said Yes Bank Chief Executive Rana Kapoor on the occasion.

As the fifth largest private bank, the bank operates in 29 states and seven Union Territories across the country.

--IANS

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