Standard Bank closes $175 mln term loan funding

The Standard Bank of South Africa Limited signed a $175 million, a 364-day term loan funding on Oct.4, 2012, in Dubai. Mashreq was the Mandated Lead arrange and sole Bookrunner of the financing. Al Khalij Commercial Bank (al khaliji) QSC, Arab Banking Corporation, China Construction Bank Corporation, Doha Bank, Industrial and Commercial Bank of China Limited, Abu Dhabi Branch, Samba Financial Group and Union National Bank also joined as Mandated Lead Arrangers. Bank of China Limited, The Commercial Bank of Qatar, Credit Libanais and Raiffeisenlandesbank Oberosterreich Aktiengesellschaft, also participated. The financing, which will be used for general corporate purposes, was significantly oversubscribed by more than 2.5 times from the initial launch amount of $100 million with commitment received from bank of $253 million. The term loan pays 130 basis points (bps) margin over LIBOR. Rassem Zok, CEO Standard Bank, Mena region, stated that the overwhelming response in the facility from the ME and international banks confirms increasing interest in Africa and trust endorsed to Standard Bank’s strong financial credibility. Arno Daehnke, Head: Treasury and Capital Management, Standard Bank Group said: “The book was extremely well run by Mashreq. The launch amount of the transaction was $100 million and the commitments received amounts to $253 million.” John Iossifidis, Executive VP and Head of International Banking Group, Mashreq said: “it was indeed an honour to lead and manage the syndicated loan deal for a very important relationship for Mashreq. The response reinforces Mashreq’s excellent arrangement capability and wide relationship network that it maintains with counter-parties in the region” From gulftoday