Another syndicated loan for Indian Oil Corporation

Overwhelming response to a syndicated loan for Indian Oil Corporation Limited (IOC)prompts the launch of another facility due to close next month.

A new loan facility for $75 million is being sought for India Oil Corporation IOC, the country's only importer of crude oil and petroleum products and its one Fortune 500 company. The new mandate was recently awarded to ABN Amro Bank N.V. Singapore branch, Citibank and Sumitomo bank, with syndication due to close next month.

A banker working on the syndication is optimistic that the new deal will prove just as popular as the last $200 million facility. With ABN Amro Bank, Arab Petroleum Investments Corporation and Tokai Bank as lead arrangers, IOC approached the market for $150 million in mid November 2000 to finance its crude oil imports. The three...

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