SBI raises $750 million term loan

Country's largest lender SBI has raised USD 750 million term loan from its GIFT City branch, its lead arranger said on Tuesday.

The USD 750 million Senior Unsecured Syndicated term loan facility was signed on July 11, as per a statement from Mashreq, which acted as the sole global coordinator for the facility.

SBI initially set out to raise USD 350 million in May 2024, but the amount was upsized to USD 750 million.

The facility will be used for general corporate funding purposes of SBI, the statement said.

The term loan facility saw participation from 11 institutions and was 2.2 times oversubscribed resulting in an upsized deal, the statement said, adding that interests were shown by institutions and investors from Middle East, South Asia, Africa, Germany and South Korea.

"We consider it our privilege to be mandated solely on a syndicated deal for a premier financial institution like State Bank of India," Joel Van Dusen, Group Head of Corporate and Investment Banking, Mashreq, said.