Dubai Drydocks World has mandated eight banks for a $2.2 billion two-tranche financing to take out its $1.725 billion one-year bridging loan completed early this year, banking sources said.

The eight - BNP Paribas, DBS Bank, Emirates Bank, HSBC, ING Bank, Lloyds TSB Bank, Mashreqbank and Standard Chartered Bank - have launched a global syndication.

The deal has a $1.7 billion three-year bullet loan with a margin of 170 bps over Libor and a $500 million five-year amortising loan with a margin of 190 basis points over Libor.

The amortising loan has an average life of 4.35 years. Banks have been invited to join at four ticket levels. The highest level, $150 million or more for the mandated lead arranger title, offers top-level all-ins of 197 bps and 210.7 bps for tranches A and B via fees of 80 bps and 90 bps, respectively.

Arrangers, for commitments of $100-149 million, get all-ins of 191.7 bps and 207.2 bps for tranches A and B via fees of 65 bps and 75 bps, respectively. Co-arrangers, for $50-99 million, get 188.3 bps and 204.9 bps via fees of 55 bps and 65 bps. Lead managers, for $25-49 million, get 183.3 bps and 201.5 bps via fees of 40 bps and 50bps. Banks can choose to commit to either or both tranches.

Roadshows will be held in Dubai, London, Hong Kong and Singapore on July 13, 14, 16 and 17, respectively. - Reuters