Standard Bank has announced the closure of its 36-month term loan facility at US$1.35bn, almost double the original amount required for the transaction.
With 31 banks involved, from the US, Europe, the Middle East and Asia, the deal was launched at US$750mn, and obtained an oversubscription of US$726mn.
The Export-Import Bank of the Republic of China participated as a manager with US$5mn, but did not provide insurance for the deal.
The money will be used for the general corporate purposes of the South African bank, including trade finance.
Standard Bank’s CFO Simon Ridley says: “This is a significant transaction for Standard Bank and the strong take-up is a reflection of Standard Bank’s standing in the international financial community.”
The bank reshuffled its trade and commodity teams in March, relocating several staff members to Johannesburg after identifying growth opportunities in the African market.
“Standard Bank, with its local African presence, linked to its cross-border banking expertise, is ideally positioned to deliver appropriate solutions to clients trading with, and in, Africa. This includes opportunities linked to natural resources across all Africa’s regions,” says Craig Polkinghorne, Standard Bank’s global head and director of structured trade and commodity finance.
Coordinators, bookrunners and initial mandated lead arrangers include:
The Bank of Tokyo-Mitsubishi UFJ
China Construction Bank Corporation, Johannesburg Branch
Citibank, London Branch
Mizuho Corporate Bank
Standard Chartered Bank
Mandated lead arrangers include:
Industrial and Commercial Bank of China (Asia)
Industrial and Commercial Bank of China, New York Branch
JPMorgan Chase Bank, London Branch
Lead arrangers include:
Bank of America Merrill Lynch
The Bank of New York Mellon
Sumitomo Mitsui Finance Dublin Limited
Wells Fargo Bank, National Association
Al Ahli Bank of Kuwait K.S.C.
Wholesale Bank Bahrain
UBS, London Branch
Lead managers include:
Agricultural Bank of China (UK)
Bank of Muscat
British Arab Commercial Bank plc
Chang Hwa Commercial Bank
Offshore Banking Branch
Doha Bank QSC
Mega International Commercial Bank Co., Offshore Banking Branch
Pohjola Bank plc
Taiwan Cooperative Bank, Offshore Banking Branch
The Export-Import Bank of the Republic of China
Land Bank of Taiwan
The Shanghai Commercial and Savings Bank, Offshore Banking Branch