HDFC raises $300 million for low cost housing
MUMBAI (Reuters) - India's Housing Development Finance Corp Ltd. has raised $300 million via external commercial borrowing from a consortium of four lenders under the affordable housing scheme of the Reserve Bank of India (RBI), it said in a statement on Friday.
The borrowing, in the form of a syndicated loan facility, is the first by an Indian housing finance company and has a tenor of 5 years with the interest rate set at a spread of 1.75 percentage points over dollar Libor.
HDFC has swapped the facility in rupees for the entire tenor of the loan starting in February 2014.
The managers of the deal include State Bank of India and Sumitomo Mitsui Banking Corp as lead arrangers and bookrunners, and the Bank of Tokyo-Mitsubishi UFJ Ltd and DBS Bank Ltd as mandated lead managers.
(Reporting by Swati Bhat, editing by David Evans)