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Debut Syndicated One Year Term Loan Facility
Dubai - UAE: Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC Holdings Plc, which belongs to the Standard Bank Group, has secured its debut syndicated term loan facility in an amount of US$103,000,000.00. The one-year transaction that was solely-led by Mashreqbank, psc as Coordinating Bank and Sole Bookrunner, was oversubscribed. Stanbic IBTC closed the syndication within six weeks of launch at a competitive pricing threshold given the prevailing market conditions.
The 8-bank syndicate comprised of long-standing relationship banks of Standard Bank Group, Stanbic IBTC Holdings' parent company, that included Mashreqbankpsc, The Commercial Bank (Q.S.C.) and ING Bank N.V.as Mandated Lead Arrangers &Bookrunners, whileAl Ahli Bank of Kuwait K.S.C.P., Al Khaliji France S.A. Commerzbank Aktiengesellschaft, Filiale Luxemburg, SBM Bank (Mauritius) Ltd and Doha Bank Q.S.C.participated in the Facility as Mandated Lead Arrangers.Mashreqbankpscis also acting as the Facility Agent for the transaction.
Dr.RassemZok, CEO Standard Bank of South Africa, MENA stated that "This transaction has a special significance for us being the debut deal of Stanbic IBTC. We are delighted with the response received on this facility for our Nigerian subsidiary; this is yet another successful transaction this year where our partner banks have again endorsed their trust and confidence in the Standard Bank Group".
In a statement, Chief Executive, Stanbic IBTC Bank, YinkaSanni stated that "Stanbic IBTC Bank is delighted with the reception of the syndicate banks to its debut deal. We appreciate the confidence that the syndicate has in Stanbic IBTC, as it reinforces our market leadership position in corporate and transactional banking and our commitment to supporting Nigeria's economic growth. It will also help boost our operations in Nigeria in line with our business objective of organically growing our footprint in the retail banking space.
Chiradeep Deb, Managing Director and Head of Corporate Finance at Mashreq, said: "It's been a privilege to lead book run and coordinate the maiden syndicated loan transaction for Stanbic IBTCBank . To have a fully subscribed deal in such challenging market conditions, against the backdrop of the fall in prices of commoditiesis a testament to Stanbic IBTC's financial strength and Standard Bank Group's (SBG) strong relationship with its banking partners across the region. Mashreq values its long-standing association with SBG and it is a pleasure to feature in multiple financings for the Group's subsidiaries in Africa."
Stanbic IBTC Bank is a subsidiary of Stanbic IBTC Holdings Plc, a full service financial services group with a clear focus on three main business pillars - Corporate and Investment Banking, Personal and Business Banking and Wealth Management. Standard Bank Group, to which Stanbic IBTC Holdings belongs, is the largest African bank by assets and market capitalization. It is rooted in Africa with strategic representation in 20 countries on the African continent, including South Africa. Standard Bank has been in operation for over 153 years and is focused on building first-class, on-the-ground banks in chosen countries in Africa and connecting other selected emerging markets to Africa and to each other, applying sector expertise, particularly in natural resources, globally.
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© Press Release 2015
