Citigroup cold feet in Bharti deal?
Citigroup is considering leaving a syndicate of banks hoping to arrange a US$8.5bn debt package to fund Bharti’s acquisition of Zain’s Africa assets, according to Dow Jones.
The reason for the potential withdrawal is understood to be because of the…
Citigroup is considering leaving a syndicate of banks hoping to arrange a US$8.5bn debt package to fund Bharti’s acquisition of Zain’s Africa assets, according to Dow Jones.
The reason for the potential withdrawal is understood to be because of the dollar denominated loan’s tight pricing – 195bps over Libor.
Standard Chartered, Barclays Bank and State Bank of India are the other current members of the syndicate.
The pricing was reduced from around 300bps after a number of banks competed to be part of what could be the largest dollar-denominated loan in Asia (ex-Japan).
