State-owned Power Grid Tuesday said it has inked a loan pact with Sumitomo Mitsui Banking Corporation (SMBC) for 22 billion Japanese yen (Rs 1,397 crore), which will be used as capital expenditure. "Power Grid has entered into a term loan facility agreement for 22 billion Japanese yen with SMBC on December 10, 2018, towards part financing of its capex for ongoing and new projects and renovation and modernisation of its sub-stations," a BSE filing said. The loan facility has door-to-door maturity of 12 years and is on floating rate interest basis linked to JPYLIBOR, it added.