South Africa’s Sasol signs oversubscribed RCF
South African chemicals and energy company Sasol has more than doubled its existing revolving credit facility to US$3.9bn. The maturity of the loan has also been extended to five years, with the inclusion of two further extension options of one year each.
Sasol launched the transaction with a targeted facility size of US$3bn, which was subsequently increased to US$3.9bn given the notable oversubscription.
It replaces a US$1.5bn RCF signed in January 2015.
Citi and Mizuho Bank were mandated as joint global co-ordinators for the transaction, which launched in early November 2017 to a targeted group of banks.
There were eight other bookrunner and mandated lead arrangers: ABN Amro, Bank of America Merrill Lynch, BNP Paribas, Intesa Sanpaolo, JP Morgan Securities, Bank of Tokyo-Mitsubishi UFJ, Sumitomo Mitsui Banking Corporation Europe and UniCredit.
Barclays Bank, Deutsche Bank and HSBC joined as mandated lead arrangers, Export Development Canada and Standard Chartered joined as lead arrangers and Wells Fargo and Société Générale joined as arrangers. EY acted as independent financial advisor to Sasol.
The company was formed in 1950 in Sasolburg, South Africa, and is the world’s first oil-from-coal company.take me back