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economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
economictimes.indiatimes.com / 1 year ago
Satin Creditcare Network secures $100 million in syndicated social loan from Standard Chartered and Sri Lankan lenders
Microfinance company Satin Creditcare Network has raised $100 million in external commercial borrowing from Standard Chartered Bank and six Sri Lankan lenders.
This is Satin's maiden syndicated social term loan raised from overseas lenders under the automatic route of the Reserve Bank of India (RBI).
«Securing $100 million from new lenders, notably prominent Sri Lankan banks, amid challengingThis social loan marks a significant landmark as Satin Creditcare’s first syndicated transaction, reflecting the trust and confidence that global financial institutions have placed in us. It times highlights our strong governance, sustainable growth, and financial resilience,» Satin chairman HP Singh said.
The facility was arranged solely by Standard Chartered Bank, who also participated in funding from SCB Gift City branch.
Other banks which participated in the loan syndication are Sri Lanka's Hatton National Bank, National Development Bank, Seylan Bank, Pan Asia Banking Corporation, Commercial Bank of Ceylon and DFCC Bank.
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The the first tranche of the loan was disbursed on March 12, Satin said Wednesday.
The loan has been raised for three years and three months and benchmarked to a three-month term SOFR (Secured Overnight Financing Rate).
«This social loan marks a significant landmark as Satin Creditcare’s first syndicated transaction, reflecting the trust and confidence that global financial institutions have placed in us,» Singh said.
Standard Chartered Bank acted as the social loan coordinator for the
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