[Federal Register Volume 61, Number 252 (Tuesday, December 31, 1996)]
[Notices]
[Page 69109]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 96-33312]


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AGENCY FOR INTERNATIONAL DEVELOPMENT


Housing Guaranty Program; Notice of Investment Opportunity

    The U.S. Agency for International Development (``USAID'') has 
authorized the guaranty of a loan as evidenced by the guaranteed 
promissory notes to be issued by Infrastructure Leasing & Financial 
Services Limited (the ``Borrower'') as part of USAID's development 
assistance program. USAID has approved the Tiruppur Area Development 
Programme for funding under the Financial Institution Reform and 
Expansion Program (``FIRE'') of up to twenty five million dollars 
($25,000,000). The proceeds of the loan will be used to finance a 
portion of the architectural, engineering and construction cost of a 
water and wastewater delivery, treatment and disposal systems for the 
City of Tiruppur, India and surrounding areas. At this time, the 
Borrower has authorized Siebert Brandford Shank & Co. (``Financial 
Advisor'') to request sealed bids from eligible investors to purchase 
the notes under this program in the amount of twenty-five million U.S. 
Dollars (US $25,000,000) (the ``Notes'').
    The full repayment of the Notes will be guaranteed by USAID. The 
USAID guaranty will be backed by the full faith and credit of the 
United States of America and will be issued pursuant to authority in 
Section 222 of the Foreign Assistance Act of 1961, as amended (the 
``Act'').
    The name and address of the Borrower's representatives to be 
contacted by interested U.S. lenders or investors, and the amount of 
the loan and project number are indicated below:

$25,000,000
USAID Project No: 386-HG-IV
Housing Guaranty Loan No.: 386-HG-015-AO1, 386-HG-016-AO1

Mr. Shahzaad Dalal, Infrastructure Leasing & Financial Services Ltd., 
Mahindra Towers, 4th Floor
Dr. G.M. Bhosale Marg, Worli, Mumbai, INDIA 011-91-22-493-5148,011-91-
22-493-0080 (fax)
Mr. Peter C. Wong, Siebert Brandford Shank & Co., 220 Sansome Street, 
15th Floor, San Francisco, CA 94104, 415-439-4450, 415-439-4480 (fax).

    Interested lenders and investors should contact the Borrower or its 
Financial Advisor to obtain a copy of the complete bid package which 
includes a Preliminary Offering Circular, an Official Bid Form, a Note 
Purchase Agreement and a Paying and Transfer Agency Agreement 
(together, the Bid Package) which contain the terms and conditions for 
the submission of sealed bids on the proposed guaranteed Notes under 
the Housing Guaranty Program. Interested lenders and investors should 
submit their bids to the Borrower's representatives, with a copy to 
USAID, by Wednesday, January 15, 1997, 11:00 a.m. (New York Time). Any 
bid submitted after the deadline will not be accepted.
    The Borrower is currently considering the following structure on 
the proposed Notes:
    Par Amount: U.S. $25,000,000.
    Term: 30 years (final maturity).
    Interest Rate: Floating rate based on a three-month LIBOR with 
quarterly reset.
    Mandatory Redemption: The amortization of principal on the Notes 
will begin on May 1, 2007 with equal quarterly mandatory redemption of 
principal through final maturity on February 1, 2007.
    Optional Redemption: The Notes are subject to redemption at the 
option of the Borrower as more fully described in the Bid Package.
    Redemption in Connection with Project Agreement: USAID reserves the 
right to accelerate the loan in connection with a breach by the 
Borrower of the Project Agreement, dated March 8, 1994, between USAID 
and the Borrower; any such redemption would be at par plus accrued 
interest.
    Closing Date: Closing will be within four (4) weeks after the 
acceptance of bids and award of the Notes to the bidder submitting the 
lowest effective interest cost to the Borrower. The award of the Notes 
to the winning bidder and the delivery of the Notes are subject to 
certain conditions required of the Borrower by USAID as set forth in 
agreements between USAID and the Borrower.
    Lenders and investors eligible to receive the USAID guaranty are 
those specified in Section 238(c) of the Act. They are: (1) U.S. 
citizens; (2) domestic U.S. corporations, partnerships, or associations 
substantially beneficially owned by U.S. citizens; (3) foreign 
corporations whose share capital is at least 95 percent owned by U.S. 
citizens; and (4) foreign partnerships or associations wholly owned by 
U.S. citizens.
    Information as to the eligibility of investors and other aspects of 
the USAID housing guaranty program can be obtained from: Ms. Viviann 
Gary, Director, Office of Environment and Urban Programs, U.S. Agency 
for International Development, 1601 Kent Street, Rosslyn, VA 22209, 
Telephone: (703) 875-4510, Facsimile: (703) 875-4639.

    Dated: December 20, 1996.
Michael G. Kitay,
Assistant General Counsel, Bureau for Global Programs, Field Support 
and Research, U.S. Agency for International Development.
[FR Doc. 96-33312 Filed 12-30-96; 8:45 am]
BILLING CODE 6116-01-M