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					</table><p><a href="https://www.ntpc.co.in/" target="_blank" rel="noopener">NTPC</a> has invited bids to raise external commercial borrowing (ECB) in the form of Tokyo Overnight Average Rate (TONA)-linked unsecured term loan in Japanese Yen (JPY) equivalent to $150 million (~₹12.4 billion) plus a greenshoe option of JPY equivalent to $600 million (~₹49.6 billion).</p>
<p>The proposed facility is being raised under the automatic route as permitted under the ECB guidelines of the Reserve Bank of India.</p>
<p>The last date to submit the bids is March 1, 2023. Bids will be opened on the same day.</p>
<p>Banks or financial institutions can submit bids individually or with other banks or financial institutions in a consortium of not more than three financial institutions. In the case of a consortium, the minimum underwriting commitment should be $50 million (~$4.1 billion).</p>
<p>The loan proceeds will be utilized toward capital expenditure for ongoing and new capacity addition programs and renewable energy projects, including hydro, coal mining, and refinancing existing ECBs.</p>
<p>The average maturity period of the loan will be seven years, and the door-to-door maturity will be ten years.</p>
<p>The repayment of loans will be in seven equal installments starting from the fourth year.</p>
<p>The loan should be unsecured, without any guarantee or letter of comfort from the government of India.</p>
<p>The leverage ratio of the loan should not be higher than 2:1, and the interest-serving coverage ratio should not be lower than 1.75:1.</p>
<p>As per the tender documents, NTPC retains the right to enter any hedge transaction about the proposed facility with any one or more banks of its choice.</p>
<p>Also, by giving at least 15 days of prior notice to the lender, the borrower may prepay the loan on any interest payment date in full or in part.</p>
<p>The signing of the agreement is expected to be completed on or before March 31, 2023, or any other date agreed upon by the company.</p>
<p>In 2021, NTPC had <a href="https://mercomindia.com/ntpc-raise-term-loan/" target="_blank" rel="noopener">invited</a> offers from banks and financial institutions to raise ₹50 billion (~$672 million) as rupee term loans.</p>
<p>Earlier, NTPC had <a href="https://mercomindia.com/ntpc-signs-482-million-loan/" target="_blank" rel="noopener">entered</a> into a foreign currency loan agreement with the Japanese government’s financial institution, the Japan Bank for International Co-operation.</p>
<p>Subscribe to Mercom’s <a href="https://mercomindia.com/product/india-solar-tender-tracker/" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of tender activity in real-time.</p>


NTPC Invites Bids to Raise up to $750 Million in External Commercial Borrowing

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