CfC Stanbic Bank Limited signs US$155 million Term Loan Facility

CfC Stanbic Bank Limited has signed a US$155 million, two/three year term loan facility in Dubai. The transaction, which is the second CfC Stanbic Kenya transaction, was launched in an amount of USD 100 million and an over subscription of USD 55 million was obtained, thus allowing a final take of USD 155 million. 

It is the first time that the tenor has been extended to a three year term, together with a two year tranche. The facility is priced at 245 basis points over Libor for the two year tenor and 290 basis points over Libor for the three year tenor.

Ten participating banks in the transaction are: Emirates NBD Capital Limited as Co-ordinator, Initial Mandated Lead Arranger and Bookrunner, Publicity Agent and Documentation Agent; Abu Dhabi Commercial Bank PJSC; Al Ahli Bank of Kuwait K.S.C.P., Kuwait; Commercial Bank of Qatar (Q.S.C.) (The); Mizuho Bank, Ltd and Standard Chartered Bank (the Mandated Lead Arrangers); AfrAsia Bank Limited; Al Khaliji France S.A. and Commerzbank Aktiengesellschaft, Filiale Luxemburg (the Lead Arrangers) and Doha Bank Q.S.C. (the Arranger) 

Emirates NBD Bank PJSC, Dubai is appointed as Facility Agent

The geographic split of lenders are from the Far East, the Gulf Region, Europe, India, Mauritius and the United Kingdom.

Mike Blades, Head, Corporate and Investment Banking, CfC Stanbic Bank Limited said: “We are extremely pleased that such a sizeable amount has been raised for the bank in a two/three year tenor. The oversubscription of USD 55 million off a launch amount of USD 100 million certainly indicates the confidence investor banks have in our bank.”

Mr Blades also said that the funding raised will be used for general corporate purposes, including trade-related finance for the bank.