ICICI Bank's US$ 2bn senior fixed-rate notes rated BBB-

120239 Investors following ICICI Bank. Share this News with them.

0

Like this story, share it with millions of investors on M3

ICICI Bank's US$ 2bn senior fixed-rate notes rated BBB-

ICICI Bank's US$ 2 billion senior fixed-rate notes rated 'BBB-'

Post your opinion here

 

0

Tweet

Share on Tumblr

RELATED NEWS ICICI Bk raises $ 2 billion in five-year unsecured bonds ICICI Bk gives Rs 15L to suicide victim's family ICICI Bank awarded Outstanding Regional Pvt Bk (APAC) ICICI Bank introduces Floating Rate for car loans ALSO READ See latest News about ICICI Bank See previous management interviews See what other Experts & Brokerages are saying about ICICI Bank ICICI Bank BSE | NSE 25/05/12 Are Mutual Funds betting on ICICI Bank?

Standard & Poor's Ratings Services today assigned its 'BBB-' rating to the US$2 billion senior unsecured notes to be issued by ICICI Bank Ltd. (foreign currency BBB-/Stable/A-3), India's largest private sector bank.

The notes will have the following features:
* Constitute as direct, unconditional, unsubordinated, and unsecured obligations of the bank;
* Rank pari passu with all of the bank's unsecured and unsubordinated obligations;
* Rank ahead of all subordinated debt issues;
* Bear a fixed-interest rate of 6.625%; and
* Have a tenor of five years.

The issuer will have an option to redeem the notes at any time, at a 'Make Whole' redemption price i.e. price which is equal to the greater of 100% of the principal amount of such notes, or present value of the balance scheduled principal and interest payments. In addition, the issuer has the option to redeem the notes if the issuer has or will become obliged to pay additional amounts on account of a change in tax laws that require the issuer to deduct tax.

The proposed issue will be made through the bank's Bahrain branch. The proceeds will be utilized for general corporate purposes in accordance with applicable rules or regulations. 

Sourced From: CRISIL Limited