ICICI Bank (BOM:532174) is arranging an overseas syndicated loan worth about $1.45 billion, taking advantage of a central bank policy that reduces hedging costs, Bloomberg News reported Friday, citing people familiar with the matter.

Initially secured with Bank of America for roughly $1 billion, the deal is now being expanded to include several other international lenders, including Mizuho Bank, Mashreqbank and United Overseas Bank, the news wire said.

Priced at 110 basis points over Secured Overnight Financing Rate or SOFR, the four-year facility may grow further as more banks join, the publication said.

ICICI, Bank of America, Mizuho Bank and Mashreqbank did not immediately respond to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)