Power Grid says it fully utilised loan toward part-financing of capital expenditure for its ongoing and new projects.
New Delhi: State-run utility Power Grid Corporation on Tuesday said it has fully drawn a 22 billion Japanese Yen (JPY) loan and utilised it to finance capital expenditure for its ongoing and new projects.
"Power Grid has fully drawn the loan and utilised the proceeds toward part-financing of its capital expenditure for its ongoing and new projects," a company statement said. According to the statement, Power Grid had entered into a JPY 22-billion syndicated term loan facility agreement with Sumitomo Mitsui Banking Corporation's (SMBC) Singapore branch on December 10, 2018.
The loan has door-to-door maturity of 12 years and is on floating rate interest basis linked to JPYLIBOR. SMBC, Aozora Asia Pacific Finance Ltd (Aozora) and The Bank of Yokohama committed JPY 15.5 billion, JPY 3.5 billion and JPY 3 billion, respectively, as part of the syndication.
The company said the closing syndication agreement for the loan facility was signed on March 15 at its corporate office in Gurugram.