CreditAccess Grameen raises $175 million in syndicated social loan
In short
CreditAccess Grameen raised $175 million through a syndicated social loan. Ten financial institutions from Asia, the Middle East and Africa took part, and Standard Chartered Bank and DBS Bank helped arrange the deal.
The company says the money should help it spread out its borrowing sources and lower funding costs. It is not stated how the funds will be used beyond that.
What the reporting says
CreditAccess Grameen raised $175 million through a syndicated social loan from 10 financial institutions across Asia, the Middle East and Africa. The reported purpose was to diversify borrowing sources and optimise funding costs, with Standard Chartered Bank and DBS Bank acting as joint mandated lead arrangers and bookrunners. The immediate effect is improved funding access, while the reporting does not say how the company will deploy the money.
Why it matters
CreditAccess Grameen secured a $175 million syndicated social loan from 10 financial institutions across Asia, the Middle East and Africa. Standard Chartered Bank and DBS Bank were the joint mandated lead arrangers and bookrunners. The reported aim was to diversify borrowing sources and optimise funding costs. The source does not say the final tenor, pricing, or the end use of proceeds beyond funding management.