DBS joins fray to loan Tatas $2 billion for CWW

Written by Bloomberg | Updated: Mar 29 2012, 05:48am hrs
Tata Communications loan of as much as $2 billion to help finance a possible bid for Cable & Wireless Worldwide has attracted DBS Bank, according to two people familiar with the matter.

DBS Bank joins Standard Chartered, Australia & New Zealand Banking Group and State Bank of India as underwriters on the loan, the people said, asking not to be identified because the details are private.

About two more banks are considering joining the facility at the senior level to help underwrite it, the people said.

Tata Communications said it may make a cash offer for Cable & Wireless, setting up a potential rivalry with Vodafone Group to win control of the owner of Britains largest business fiber network. Talks are at a very preliminary stage and Tata Comm must decide whether it will make an offer by March 29, the company said on March 1.

Vodafone and Tata Communications seek to extend that March 29 deadline because Cable & Wireless hasnt provided sufficient information to the bidders yet, the Sunday Telephone reported on March 25, without saying how it got the information.

A spokeswoman for Tata Communications, who asked not to be named citing company policy, declined to comment on the financing when contacted by phone in Mumbai today.