ICICI Bank secured a $1.45 billion offshore syndicated loan with a four-year term. The loan is priced at 110 basis points over the US SOFR rate. Lenders include Bank of America, Mizuho, Mashreqbank, and United Overseas Bank.
The bank utilized the Reserve Bank of India’s temporary foreign-exchange swap facility to reduce funding expenses. This facility allows Indian banks to leverage lower hedging costs when raising dollar liquidity.
Separately, ICICI Bank completed a $300 million issuance of senior unsecured fixed-rate notes. The IFSC Banking Unit issued these notes under a $7.5 billion Global Medium Term Note Programme. The bank will list the notes on the India International Exchange IFSC and NSE IFSC.