|
|
Article: India: Reserve-based lending sparkles with Cairn India s US$1.6bn financing.
- Article from:
- TendersInfo
- Article date:
- October 31, 2009
CopyrightCOPYRIGHT 2009 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Byline: manish03
The Rs40bn (US$850m) onshore portion of a US$1.6bn equivalent reserve-based lending transaction for Cairn India was disbursed last week. The event marked a milestone in RBL financing from India as these financings are not only building up steam, but also providing significant financing opportunities for domestic banks.
RBL is a type of project financing wherein the security of a loan is linked to the discovery of the natural resources, mostly oil and gas.
Cairn India, a subsidiary of Cairn Energy, has been in talks to raise US$1.6bn to refinance an existing US$850m RBL facility and also fund capex for the development of its oil ...