Standard Bank strikes oversubscribed loan
Standard Bank has signed a US$160mn syndicated loan facility in Taipei, to be used for trade finance purposes.
The 364-day loan was launched at US$100mn and received an oversubscription of US60mn. It is priced at 150 basis points over Libor.
The co-ordinating mandated lead arrangers include the Bank of Taiwan (South Africa branch) and the China Construction Bank Corporation (Johannesburg branch). The arrangers are Credit Suisse, the Industrial and Commercial Bank of China, the Mega International Commercial Bank (offshore banking branch) and Oberbank. The lead managers include Cathay United Bank, Hua Nan Commercial Bank and Taipei Fubon Commercial Bank.
The Bank of Taiwan was also the facility agent.
The money will be used for Standard Bank’s general corporate purposes, including trade-related finance.
Simon Ridley, Standard Bank group financial director, says: "We are delighted to have raised such a sizeable amount for the tenor indicated. This is a reflection of Standard Bank Group's standing in the international financial community."