Yes Bank Considers Refinancing $250 Million Equivalent of Loan

Yes Bank Ltd., the Indian lender with the lowest bad debt ratio, is seeking a two-part loan of about $250 million-equivalent to refinance debt.

The facility, denominated in dollars and euros, will have one-year and two-year maturities, Jaideep Iyer, Mumbai-based deputy chief financial officer and group president for financial management, said today in a phone interview.

“We have an international rating and so have enough appetite to fill this up,” Iyer said. “Modalities are getting worked out. It’s on the verge.”

The new loan facility will be completed this month, he said. The lender has $1.1 billion of bonds and loans outstanding, according to data compiled by Bloomberg.

Yes Bank is rated Baa3 by Moody’s Investors Service, the lowest investment grade. The Mumbai-based lender had raised an equivalent of $216 million of dollar- and euro-denominated loans in 2012, according to data compiled by Bloomberg. HSBC Holdings Plc, Royal Bank of Scotland Group Plc, Standard Chartered Plc and State Bank of India were among the lenders.

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