ING Bank and Sumitomo Mitsui Banking Corporation Europe (SMBCE) as mandated lead arrangers and joint bookrunners have completed a US$100mn syndicated term loan facility for Mauritius Commercial Bank (MCB).

The facility, which launched at US$50mn, was oversubscribed in syndication resulting in it being increased. The loan is for general funding purposes and comprises two tranches: a five-year tranche with seven equal semi-annual instalments after two years grace (Tranche A) and a three-year tranche with two one-year extensions after 12 and 24 months at each lender’s option (Tranche B).

It caries a margin of 37.5bp per year over Libor for Tranche A and 30bp for Tranche B.

Arrangers are: China Construction Bank, Johannesburg; Dresdner Kleinwort Wasserstein; Erste Bank; Mizuho Corporate Bank; Natexis Banques Populaires; Wachovia Bank; and WestLB.

RZB is a co-arranger.

American Express Bank GmbH and Citigroup are senior lead managers.

Mauritius Commercial Bank is rated Baa2 by Moody’s.