Bharti Airtel , in talks to buy the African mobile operations of Kuwait's Zain for USD 9 billion, had on Tuesday, issued a term sheet to banks to raise up to USD 8.5 billion in offshore loans to fund the deal, Reuters had reported.
Banks had untill March 17 to respond to Bharti. They had been offered a 60 bps fee to underwrite loans above USD 650 million. The documentation was expected to be completed by March 19.
Barclays Capital, Citigroup, Standard Chartered Bank and State Bank of India are expected to underwrite larger amounts than other banks, Basis Point had reported, citing banking sources.
However, CNBC-TV18 reported today, quoting DowJones Newswire that Citigroup may withdraw from Bharti loan talks.
