IRB Infra raises Rs 6,600 crore loan from SBI and Union Bank of India in the largest debt tie-up for a single project
IRB Infrastructure is raising a loan of Rs 6,600 crore from the State Bank of India (SBI) and Union Bank of India in the largest debt tie-up for a single project, two people with direct knowledge of the matter told ET. IRB is using the credit line to pay a Maharashtra agency for the toll collection rights on the Mumbai-Pune expressway project.
Bajaj Consultants is the sole financial advisor for the debt syndication. The banks and the advisor did not reply to ET’s queries. IRB declined to comment, citing the silent period ahead of earnings.
The loan would be of a nine-year tenor at 8-8.5%, deemed to be finely priced taking into account the economic uncertainties. Out of the Rs 6,600 crore debt syndication, SBI will likely lend about three-fourths.
