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Loan SyndlcaLlon

PemlaLa !aln
W 9o[ecL flnanceŴln fom of ½ee Ǝ foelgn
cency loan fo new nlLsţ ex½anslonţ
dlveslflcaLlon Ǝ modenlsaLlonŦ
Soces of fnds fo ullsŴ bond lsse mosLly
long Lem bonds
ulsbsemenL LendsŴ½vL secLo has
½ogesslvely edced Lhel de½endence on
lnsLlLLlonal fnds
AlLenaLlve o½Llon avallable Lo com½anles ln
Lhe fom of lsse of shaes aL ½emţ ½vL
½lacemenL of debenLesţ Cu8sţ lnLenal
geneaLlon of fnds
W @em loansŴfom ullţ u8ţ llClţ SlC consLlLLe
aboL 10Ʒ of soces of fnds fo co½oaLesŦ
W uev llsť
lu8lŴesLd 1964 nde AcL of ½allamenLŴ ½ovldes
dlecL fln asslsLance Lo lage Ǝ medlm lnd nlLsţ
small lnd secLo havlng been Lansfeed Lo Slu8lŦ
lClClŴesLd 1933ţ ½bllc lLd co Lo encoage Ǝ
asslsL lnd nlLs ln Lhe conLyŴ½ovldes Lem loans
ln lndlan Ǝ foelgn cenclesţ ndewlLes lsses
of shaes Ǝ debenLesţ makes dlecL
sbscl½Llon Lo lsses Ǝ gaanLees ½aymenL fo
cedlL ndeLaken
llClŴseL ½ as sLaLLoy fln co½ ln 1948ţ
ecenLly conveLed lnLo a ½bllc lLd co Lo glve
flexlbllLy Lo lLs o½eaLlonsŴ½ovldes ½o[ecL
flnance Ǝ ½omoLlonal sevlcesŦ
SlCsŴseL ½ nde SlC AcL 1931ţ 18 SlCs aL
½esenLŴ Lem loan asslsLance Lo small Ǝ
medlm enLe½lsesţ dlecL sbscl½Llon Lo
eqlLy/ debenLesţ dlsconLlng of bllls Ǝ
gaanLeesţ eqlLy Ly½e asslsLance nde
s½eclal ca½lLal Ǝ seed ca½lLal schemes Lo
enLe½enes havlng vlable ½o[ecLs bL
lacklng adeqaLe fnds of Lhel ownŦ
W Slu8lŴ esLd 1989Ŵlu8l'S o/s ½/f LoLalllng 4000c
Lansfeed Lo Slu8l on 31Ŵ3Ŵ1990Ŵ
W a½ex bk fo Llny Ǝ small scale lndŦŴ½lncl½al ll fo
½omoLlonţ flnanclng Ǝ dev of lnd nlLs ln SSl
secLoŦ
W Also coodlnaLlon of fncLlons of lnsLlLLlons
engaged ln ½omoLlonţ flnanclng Ǝ develo½lng
lnd concens ln SSl secLoŦ
W Lql½menL flnance fo modenlsaLlon Ǝ
Lechnology ½gadaLlon of exlsLlng nlLsŦ
W 8eflnance Lo comm bks nde ALomaLlc
8eflnance Scheme (llmlL alsed fom 10 Lo 30 lacs
Ǝ eflnance enhanced fom 73 Lo 90 Ʒ of Lem
loansŦ
SClCl (shl½½lng cedlL Ǝ lnvsL co of lndla)ŴesLd
1987 by lClCl fo dev of shl½½lngţ flshlng Ǝ
elaLed lnd lncldlng aqaclLeţ haLcheyţ flsh
½ocesslngţ on Ǝ off shoe oll sveyţ ex½loaLlon
Ǝ ½odcLlonţ food ½ocesslng Ǝ assoclaLed
lnfasLcLe faclllLlesŴmeged wlLh lClCl wŦeŦfŦ
A½ll 1ţ 1996Ŧ
@lClŴ s½onsoed by llClŴ esLd 1989Ŵ Lo sancLlon
½o[ecL loansţ lease asslsLance Ǝ dlecL
sbscl½Llon Lo shaesŴconvenLlonal Lolsm
½o[ecLs Ǝ non convenLlonal ones llke
amsemenL ½aksţ ca enLal sevlcesţ al Laxl
½assenge faclllLlesţŧ
u@lţ LlCţ ClCţ l88lţ Comm 8ks
W 8oowlngs fom llsŴ M8 hel½ cllenLs a½½oach
lls fo Lem loansŴ
W whlch ll Lo be a½½oached de½ends on lndţ
locaLlon of nlL Ǝ slze of ½o[ecL cosLŦ
W All lndla lls Ŷ½o[ecLs above 10c
W SlCsŴ½Lo 1Ŧ3 c
W SluCs Ŷ½Lo 90 lacs
W lC8LlCn Cu88LnC? LCAnSŴLodolla loansţ
!a½anese yen loansţ ueLsche mak 8evolvlng
lndsŴ
W ½ovlded by lls wheeve lm½oLed mach Ǝ eql½
necessayŴ
W coves Cll vale of ca½lLal goods Ǝ know how
feesŴ lnL aLes de½ends on aLe a½½llcable Lo
foelgn cency fnds Llllsed by lls
W llxed aLe loans ln uS $Ŵ10Ʒ ½Ŧa
W º º º º uMŴ9Ŧ3Ʒ ½ŦaŦ
W º º º º SlŴ 8Ʒ ½ŦaŦ
W lloaLlng aLe loans llnked Lo Ll8C8Ŵ 1Ŧ3Ʒove
Ll8C8
W All lndla lls o½eaLe L8AS (exch aLe adm scheme)
Lo cove lsk of foelgn exc aLe flcLaLlonsŴ
W chage com½oslLe aLe Lo boowe Ǝ cay lsk
LhemselvesŴ
W aLe ls 23Ŵ26Ʒţ effecLlve aLe ls 23Ʒţ a
commlLmenL chage of 1Ʒ on amL noL dawnŦ
W M8 Lo a½½alse ½o[ecL vlablllLyŴ Lhen deslgn
ca½lLal sLcŴ
W cholce Lo be based on cosL of ca½lLal Ǝ ablllLy of
nlL Lo yleld eqd aLe of eLnŦ
W 9omoLe's conLŴ20 Ʒ of ½o[ecL cosLŦ
W ºA" aeas Ǝ ½o[ecLs ½omoLed by LechnoŴenLe½enesŴ
17Ŧ3Ʒţ ½o[ecL above 23 cŴ12Ŧ3Ʒ
W º8" aeasŴ 17Ŧ3Ʒ
W ºC" aeasŴ 20Ʒ
W Concesslonal noms aL dlsceLlon of llŴlf ½omoLes have
esoces o ½o[ecL lsk hlghŴ hlghe ½omoLe conL may
be lnslsLed
W lf ½omoLes nable Lo blng conLţ lf desevlng case
(qallfled o ex½elenced enLe½ene)Ŵ seed ca½lLal
asslsLance of SlCţ lu8l 8C@C Ǝ Slu8l fom 10Ŵ30 lacs
de½endlng on slze of ½o[ecL Ǝ ½omoLe's conL ½Lo max
13 lacsŦ
W 9omoLe's conL may be ln fom of sbs Lo ca½lLalţ
nseced loansţ lghL lsse shţ conveLlble deb lssed as
lghLs Lo exlsLlng holdes Ǝ cash accals ln case of exlsLlng
coŦ
W 9lolLy Lo ½o[ecLs ln lnfasLcLeţ agl Ǝ
al devţ ln backwad aeasţ ex½oL olenLedţ
ex½oL lnLenslveţ lm½oL sbsLlLLlonţ
lndlgenos Ǝ advanced Lechnologyţ new
maLelalţ modenlsaLlonţ enegy consevaLlon
Ǝ Lhose ½omoLed by new enLe½enesţ
LechnocaLs Ǝ n8ls
W 9o[ecL Ŷve llsLŴ
ClgaeLLesţoLhe Lobacco ½odcLsţ alcoholţ
LolleL Ǝ cosmeLlc ½e½aaLlonţ ½oweloomsţ
½lywoodţcalclm cabldeţ conveyo belLlngţ
new [Le mlllsŦ
W AfLe deLemlnlng ellglblllLy Lo Lem loanţ
½ellmlnay meeLlng flxed wlLh llţ
W lf lL agees Lo conslde loan ½o½osalţ
a½½llcaLlon wlLh eq deLalls Lo be sbmlLLedŴ
½omoLe's backgondţ Lechnlcal sklllsţ
elevanL ex½elence Ǝ fln sondnessŦ
W WlLh loan a½½ť MCAţ ACAţ CClţ laLesL annal
e½oL/ sLaLemenL of acconLs Lo be flledŦ
Alsoţ docmenLs of gaanLo coţ lf loan ls
gaanLeedŦ
W Cash flow sLaLemenL fo 7Ŵ10 ys
W Land fo ½o[ecLţ ½lan fo bldgţ qoLaLlons of
machŦ CbLalned fom aLleasL 2Ŧ
W WC Lo be esLlmaLedţ comm bk Lo be
a½½oached
W M8 wold make de dellgence sLaLemenL
W llnal sLcLe of flnanclng emeges afLe
consldelng ½omoLe's conLţ uL aLloţ uSC8 Ǝ
seclLy magln
W 9omoLe's conLŴ 20Ʒţ uL 3ť1 fo small lnd nlLs
Ǝ 2ť1 fo lage Ǝ medlm nlLsŦ
W uSC8Ŵ sed Lo mease ½aymenL of lnL Ǝ
½lncl½al wlLhln Lhe sLl½laLed LlmeŴgoss cash
accals shold nomally be 1Ŧ6 Lo 2 Llmes Lo
asse LhaL ½o[ecL has lnheenL sLengLh Ǝ
½oLenLlal Lo sevlce debLŦ
W SeclLy maglnŴLem loan sancLloned agalnsL
seclLy of flxed asseLs leavlng adeqaLe seclLy
maglnŦ
W @em loans ganLed sb[ecL Lo foll condlLlonsť
land (as seclLy)Ŵ encmbance fee
lns of asseLsŴ bldg Ǝ mach se½aaLely
ScLlny of ACAŴ shold noL conLaln any esLlcLlve
clase agalnsL covenanLs of lls
Llen on all fŦaŦ
9esonal Ǝ co½oaLe gaanLees of ma[o sh holdes Ǝ
assoclaLe concens
9omoLe's ndeLaklng Lo flnance fnd shoLfalls/ cosL
ovensţ nonŴdls½osal of holdlng fo 3 ys
ulls a½½oval ofŴ a½½olnLmenL of mgL ½esonnelţ
fLhe ca½ ex½ţ dlvldend ½aymenLţ bons lsse
W 8eq Lo be meL afLe loan ls sancLlonedŴ
Acce½Lance of Lems Ǝ condlLlons
ue½oslL of legal chages
ueLalls of ½loL o land fo ½o[ecLţ LlLle deeds of
land
Cen body esolLlon fo ceaLlon of chage ove
asseLsţ legal docmenLs ceaLlng chage
9esonal gaanLees Ǝ ndeLaklngsţ l@ Ǝ W@
cleaance of ½omoLes Ǝ dlecLos
9ollLlon cleaance
achlLecLs Ǝ adlLos ceLlflcaLe fo clvll consŦ
W 8efoe loan dlsbsemenLţ docmenLs Lo be
execLed Ǝ sbmlLLedţ sLam½ dLy Ǝ eg fees
½aldţ sbsclbed Ǝ ½ald ½ ca½lLal Lo boghL ln
by ½omoLesţ ceaLlon Ǝ eglsLaLlon of chage
on ½esenL Ǝ fLe asseLs of co
W AfLe eq com½lledţ dlsbsemenLs made on basls
of asseLs ceaLed aL slLeŦ
W SeclLy Lo maLch evey dlsbsemenL sLaLlng
wlLh land Ǝ bldgs
W 8alance afLe seclLy magln ½ald by ullţ Lem
loan dlsbsed aL 73Ʒ of valeţ cheqe made ln
name of s½½lleŦ
W ln lage ½o[ecLsţ dlsbsemenLs ae need basedŴ
½omoLes Lo blng ln Lhel enLle conL flsL
W ln some casesŴ bldge loan ganLed agalnsL bk
gaanLeeŦ
W Loan syndlcaLlonŴ boowlng fom slngle ull
esLlcLlveţ loan syndlcaLlon sed as alLenaLlve Lo
consoLlm lendlngţ beneflLs ea½ed ae amLţ
Leno Ǝ ½lceţ efflclenL ½lclngţ co½oaLe
boowe does noL face lgld Lems( Lake lL o
leave lL) slLaLlon
CosL of syndlcaLlon Lo vay wlLh cedlL lskŴ hlgh
cedlL sLandlng enses besL Lems
LŦgŦţS8l Ǝ Canaa bkŴ ex½elence ln loan
syndlcaLlonŴ
W ln loan syndlcaLlonţ boowe a½½oaches seveal bks wllllng
Lo syndlcaLe a loanţ s½eclfylng amL Ǝ Leno of loanŦ
W Cn ecelvlng qeyţ syndlcaLe o lead bk looks aond fo bks
wllllng Lo ½aLlcl½aLe ln Lhe syndlcaLeŴ
W afLe com½eLlLlve blddlng ½ocedeţ mandaLe Lo oganlse Lhe
loan awaded by boowe Lo 1 o 2 ma[o bksŴ
W lead bk Lo syndlcaLe loan on flm commlLmenL basls o on a
besL effoL baslsŴ
W on ecelvlng mandaLe fom booweţ lead bk ½e½aes
½lacemenL memoandm Lo mkL loan Lo oLhe bksŴ
W lL hel½s bks ndesLand Lhe LansacLlon Ǝ ½ovlde lnf aboL
booweŴbks se Lhe memoandm fo lnf aboL Lhe
boowe Ǝ Lhe LansacLlonţ make easonable a½½alsal of
cedlL Ǝ declde aboL ½aLlcl½aLlon ln Lhe loanŦ
W lf bk decldes Lo become a membeţ lL lndlcaLes amL Ǝ ½lce
lL wlll chage on Lhe loan
W Cn ecelvlng lnf fom all Lhe bksţ lead bk ½e½aes common
docmenL Lo be slgned by all membes of syndlcaLe Ǝ Lhe
boowlng co
W boowe slgns only 1 docmenL bL shaes se½aaLe
conLacLal elaLlonshl½ wlLh each membe
W AgenL o lead bk aLLends Lo all adm wkŦŴ agenLs fees yealy
chage
W SyndlcaLed loan wold have a fnded com½onenL/coe
com½onenL on whlch lnL chaged on loan Ǝ sLandŴby loanŦ
lnL on sLand by ½oLlon chaged on amL wlLhdawnŴ
commlLmenL fee chaged on nLlllsed ½oLlonŦ
W lnL chage may be flxed o floaLlng
W SyndlcaLlon docmenLŴ ½ovlslon on Lenoţ lnL
Ǝ e½aymenLŤ ½e½aymenL clase s½eclfylng
occaslon on whlch lL ls ½emlLLedţ
e½esenLaLlons Ǝ waanLles aboL
boowesŤ blz healLhŤ com½llance wlLh lawsţ
eglaLlonsţ Lax ½ovlslonsŤ defalL
acceleaLlng loan e½aymenLŤ agency claseŤ
flxed o floaLlng chage on asseLsŤ seclLyţ
½ledgeţ hy½oLhecaLlon of asseLs fo WCŦ
Loan syndlcaLlonť exLenal
W Clf clslsŴ lndla's cedlL aLlng fell below lnvsL
gadeŴ½L llmlLs on LC8
W 9edomlnance of shoL Lem boowlng Ǝ
wlLhdawal of n8l de½oslLs led Lo neL oLflows
nde LC8
W 8C9 clsls sccessflly handledţ lm½lemenLaLlon
of sLcLal efoms slnce [ly 1991 esLoed
lnvesLo confldenceŦ
W CCl does noL ½emlL lage ex½anslon of comm
debLŴ kee½s close waLch Lo kee½ lL wlLhln
manageable llmlLsŦ
W 9ocede fo a½½oval Ŷ a½½oval of de½L of economlc
affals necessay fo all cedlL ½o½osals whee loan
Laken dlecLly fom foelgn lende by boowe as
acLal se of loan o by a fln lnLemedlay slgnlng a
famewk cedlL ageemenLŦ ln laLLe caseţ sb
boowes do noL need se½aaLe a½½ovals fom Lhe
govL
W A½½llcaLlons Lo conLaln Lhe foll deLallsŴ
a½½oval fo lm½oL fom elevanL aLholLles whee
sch a½½oval eqd
deLalls of offe fom 1 o moe lende
deLalls of conLacL ½eson/ offlce wlLh Lel no Lo enable
qlck efeence Lo be madeţ lf clalflcaLlons ae
neededŦ
W A½½oval leLLe wlll be lssed by LC8 ulv of ue½L of
Lconomlc Affalsţ MlnlsLy of llnanceŦ
Lodolla mkLť
ConslsLs of lnL bksţ fln cosţ foex bks Ǝ s½eclal lnsLlLLlonsŦ
Cen fnd avallablllLy on an av aboL $300 bllllonŴ ecesslon
ln advanced lnd conLles de½essed mkLs
Loans wee lnlLlally ganLed Lo co½oaLe csLomes golng
mlLlnaLlonalŴ Lhey wee blgţ well known Ǝ of good
sLandlngŦ
WlLh ½assage of Llmeţ boowes lnclded vlLally
nknown flms de Lo masslve flow of fnds lnLo Lhe mkL
CovL Ǝ govL elaLed boowes esoLed Lo medlm eo
cedlL mkL fo lnd Ǝ lnfasLc ½o[ecLs Ǝ Lo fln 8C9 deflclLsŦ
Alsoţ lnL fln lnsL llke Wold 8k ae egla boowesŦ
W Lodolla mkL noL consLalned by fnds avallablllLy llke naLlonal mkLs
ado½Llng cedlL aLlonlngŦ
W Alsoţ flms alslng fnds ln Lodolla mkL can de½loy anywhee Llll lende
ls saLlsfled LhaL loan sevlclng ls noL affecLedŦ
Loan syndlcaLlonť
needť lage slze of loansţ wlde valeLy of bksţ dlveslflcaLlon of soveelgn lsks
alslng ln lnL lendlngŦ
9ocedeť 3 level of bksŴ leadţmoney Ǝ ½aLlcl½aLlngŦ
Lead bk assembles mgL g½ of oLhe bks Lo /w loans Ǝ mkL shaes Lo oLhe
½aLlcl½aLlng bksŴ
com½eLlLlve blddlngŴ boowe awads mandaLe Ŷ lead bk's sh of loan aLleasL
as lage as any oLhe lendeŴ
½lacemenL memoandm ½e½aedŴbks a½½alse cedlL Ŷ ½aLlcl½aLe ln Lhe
loanŴ
30 Lo 70Ʒ sh of lnlLlal /w ls lead bk'sŴ loan slze $300ţ000 Lo seveal bnŴ
nomal daLlon 6 wksŴ even 13 days when loan small o boowe famllla
as Lems Ǝ ½lacemenL memo can be seLLled qlcklyŴ
W Clb loansŴfnded by lead bk Ǝ managesŴ no
½lacemenL memo ½e½aedŴ small loans Lo feqenL
boowesŴ ln ½ds of mkL nceLalnLy when MnC bks
noL wllllng Lo do blz
W 9lclng of eodolla loanŴ ollove cedlL ½lclng sedŴ
llbo Ǝ s½ead (1/8Ʒ Lo 1Ŧ3 Ʒ)
W Ŵalso ½aecl½lmţ commlLmenL feesţ fonL end feesţ
annal agenLs feesŴ 1/8Ʒţ 0Ŧ3Ʒţ 0Ŧ3ƷLo 1Ʒ
es½ecLlvelyŦ
W lonL end fees lnclde ½aLlcl½aLlon Ǝ mgL feesŴ
½aLlcl½aLlon fees dlvlded among bks ln ½o½oLlon Lo
sh ln loanţ mgL fees dlvlded beLween /w bks Ǝ lead
bksŦ AgenLs feesŴ yealy chageŴmay be aboL $10ţ000
½ŦaŦ
W Annal chagesŴ(llbo + s½ead) * mlLl½lled
by amL of loan
+½aecl½lm * amL of loan
+ commlLmenL fee * amL of loan ndawn
+ annal agenLs fee
W lonL end chagesŴ
½aLlcl½aLlon fee * amL of loan
mgL fee * amL of loan + lnlLlal agenLs feeţ lf
any
eŦgŦ loan $100 mnţ Lem 7 ys ţ no gace ½dţ
llbo 10Ʒţ ½lce 100 basls ½L above llbo
W Compared to domestic FI loans, eurodollar loan
agreements simple- contain Iewer restrictive
covenants
W Loan document contains clauses covering pricing,
int payment dates & amortisation dates,
obligations oI the parent co in case oI loan to
MNCs, cross deIault clause stipulating that loan
in deIault when parent co deIaults on its loans
W International character oI the loan-1) jurisdiction:
Borrower in 1 country, booking oI loan in another
country, Iunding in yet another country- New
York oIten chosen 2) judgement currency
clauses- courts in several countries render
judgement in domestic currency only
W 9lace Ǝ meLhod of ½aymenLŴ affecLed by means of
Lansfe of fnds fom 1 bk Lo anoLhe ln conLy of Lhe
cency ln whlch loan denomlnaLedŴ boowes
nomally ecelve fnds ln ½lace of Lhel cholce
W CaanLee claseŴsyndlcaLed loans have no collaLealŴ
bk gaanLee eqd Ǝ bk shold saLlsfy ca½lLal adeqacy
noms
W 8es eq claseŴwhen sb[ecL Lo cenLal bk [lsdlcLlonţ
lendlng bks ln eodolla mkLs ae fee of any es
eglaLlons lm½osedŦ @hls clase sLl½laLes Ŷ boowe
has Lo absob any addlLlonal cosL Lhe lende lncs
when es eq ae lm½osed
W Lendlng bks eq ½aymenLs of ½lncl½al Ǝ lnL fee of
Laxes
W Lo dolla avallablllLy claseŴ ½emlLs bk Lo call fo ½e
½aymenL lf sfflclenL dolla fnd noL avallableŦ
W LobondsŴ daLlonť 10Ŵ 13 yŦ bonds lssed by
boowe of naLlonallLy dlff fom conLy of ca½lLal mkL
ln whlch seclLles lssedŦ /w Ǝ sold ln moe Lhan 1
mkL slmlLaneosly Lh lnL syndlcaLes
W Cos Ǝ govL ½efe bk loan o syndlcaLed loan aLhe
Lhan La½ lnL bond mkLŴ loans chea½e Ǝ lage amL can
be alsedŴ lagesL lnL bond noL exceeded $ 100 mn bL
a syndlcaLed loan goes well beyond uS $ 1 bnŦ Alsoţ
loans moe flexlble Lhan bonds Ǝ allow fo swlLchlng of
cencles Ǝ ealy ½aymenL
W Medlm Ǝ long Lem cedlLs ae ½lced on a shoL Lem
ollove baslsŦ

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¾ ½ n W .

¾ ½fn¾ .

W -.

D-.

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W 9¯ #¾n°  €½© nn¾  W ##f f¾ ½© n¾½¯   n° ° ½ ° ¾   ½© nf  n   W # #f f¾   W #.

#f f¾  W .

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¾€¾° nf°fn ¾ – n ¾f° °– °¾ ¾ ¾ ¯¾   –   .

f°ff  ½  °n °f° ¾° nf° .

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W ½½f   ¾¾  .

€ ½€ n°¯n€€f¾ .°¾€°f°n  f¯  .

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