Published: October 10, 2012
African bank raises funds from Middle East lenders.
Standard Bank has raised US$175mn in its first syndicated loan in the Middle East.
The African bank secured the funds, which it will use for general corporate purposes, in a 364-day facility that was more than 2.5 times oversubscribed from an initial target of US$100mn. The loan is priced at 130 basis points over Libor.
UAE-based Mashreq Bank acted as mandated lead arranger (MLA) and sole bookrunner. Other MLAs were Arab Banking Corporation, China Construction Bank Corporation, Doha Bank, the Abu Dhabi branch of Industrial and Commercial Bank of China, Samba Financial Group and Union National Bank.