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Standard Bank : CfC Stanbic Bank signs US$160m term loan facility

10/29/2014 | 05:35am US/Eastern
28 October 2014

CfC Stanbic Bank Limited has signed a US$160-million, two-year term loan facility. This is the first transaction of its kind for CfC Stanbic Bank, which is the Kenya-based operation of Standard Bank Group. The facility was launched in an amount of US$125-million and an over subscription of US$35-million was obtained, thus allowing a final take of US$160-million.

The funding raised will be used for general corporate purposes, including trade-related finance for the bank.

The facility is priced at 250 basis points over Libor.

Greg Brackenridge, Chief Executive, CfC Stanbic Bank Limited says: "As a debut borrower in the international loan market, I am extremely impressed that such a sizeable amount has been raised for the bank in a two year tenor. The oversubscription certainly indicates that the investor banks have shown a keen appetite to join this transaction."

Eleven participating banks in the transaction are: Standard Chartered Bank, London (the Co-ordinator, Mandated Lead Arranger and Bookrunner, Documentation Agent and Publicity Agent); Al Ahli Bank of Kuwait K.S.C.P, Kuwait; Commerzbank Aktiengesellschft, Filiale Luxemburg; Emirates NBD Bank PJSC; MashreqBank PSC and Mizuho Bank, Ltd. (the Mandated Lead Arrangers and Bookrunners); Atlantic Forfaitierungs AG; BankMuscat S.A.O.G; Doha Bank Q.S.C.; Federated Project and Trade Finance Core Fund and National Bank of Abu Dhabi PJSC (the Arrangers)
Commerzbank International S.A., Luxembourg is appointed as Facility Agent
The geographic split of lenders are from the United States of America, the United Kingdom, Europe, the Middle East, the Far East and Mauritius.

For more on CfC Stanbic Bank see http://www.cfcstanbicbank.co.ke.

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