First National Bank of Namibia has launched a US$35mn one-year term loan. Mandated lead arrangers are ING and Standard Chartered. The margin is 40bp over Libor. There are three commitment levels being offered – for US$5mn, US$4mn and US$3mn.
This is the second time the bank has gone to market. The first was in 1997 for a US$30mn deal that was oversubscribed and raised to US$35mn. The margin for that deal was 50bp over Libor and the mandated lead arranger was Fuji Bank. Participation fees were 10bp for US$5mn and 7.5bp for US$2mn-US$4.99mn.
First National Bank of Namibia is the country’s largest commercial bank and a subsidiary of South Africa’s First National Bank.