Mercator Offshore Finds Success in Syndication

KOGAS is not the only company to have found success in the syndication market. Mercator Offshore, the wholly owned subsidiary of India’s second largest private sector shipping company Mercator Lines, has raised USD 155 million in a syndication deal led by sole bookrunner ICICI Bank. What is perhaps most interesting is the fact that all participants in this transaction are domestic banks. ICICI Bank contributed USD 80 million while State Bank of India and Indian Overseas Bank committed USD 25 million and USD 20 million respectively. Other participants that include Bank of Baroda and Indian Bank held USD 15 million a piece. The six year loan is priced at 500 bps above LIBOR and the proceeds will be used to partly finance a jack-up rig. In addition, ICICI Bank will be providing Mercator with an additional USD 35 million eight year revolving and term loan facility.

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