Nigeria's unit of South Africa's Standard Bank Group, Stanbic IBTC Bank has secured its debut syndicated term loan facility in an amount of $103 million . The one-year transaction that was solely-led by Mashreqbank, psc as Coordinating Bank and Sole Bookrunner, was oversubscribed, Stanbic IBTC said in a statement.
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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 Mashreqbank psc, The Commercial Bank (Q.S.C.) and ING Bank N.V. as Mandated Lead Arrangers & Bookrunners, while Al 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. Mashreqbank psc is also acting as the Facility Agent for the transaction.
CEO Standard Bank of South Africa, Rassem Zok 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, Yinka Sanni 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 IBTC Bank . To have a fully subscribed deal in such challenging market conditions, against the backdrop of the fall in prices of commodities is 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."
The 8-bank syndicate comprised of long-standing relationship banks of Standard Bank Group, Stanbic IBTC Holdings' parent company, that included Mashreqbank psc, The Commercial Bank (Q.S.C.) and ING Bank N.V. as Mandated Lead Arrangers & Bookrunners, while Al 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. Mashreqbank psc is also acting as the Facility Agent for the transaction.
CEO Standard Bank of South Africa, Rassem Zok 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, Yinka Sanni 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 IBTC Bank . To have a fully subscribed deal in such challenging market conditions, against the backdrop of the fall in prices of commodities is 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."
*First published in Reuters
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