24 November 2010
Standard Bank Plc secures US$230m loan
Standard Bank Plc, a member of Standard Bank Group Limited, has secured a club-style
term loan of US$230-million over two years from a group of seven leading international
The loan was arranged by Standard Bank Plc on a stand-alone basis.
The facility is priced at 125 basis points over Libor. The proceeds will be used
for general funding purposes.
Jenny Knott, Chief Executive of Standard Bank Plc, says: "The ability of Standard
Bank Plc to obtain two year funding, involving the participation of seven top international
banks, is a reflection of the bank's excellent standing in the international banking
community and leading emerging market focused franchise."
Commerzbank AG was appointed as co-coordinator of the facility. The group of banks
- BNP Paribas
- Commerzbank Aktiengesellschaft
- HSBC Bank Plc
- ING Bank N.V.
- Intesa Sanpaolo S.p.A.
- Standard Chartered Bank (the mandated lead arrangers)
- JPMorgan Chase Bank N.A., London branch (the arranger).
Standard Bank Plc is rated investment grade, confirmed by being assigned a long-term
credit rating of Baa2 and a short-term rating of P-2 from Moody's, and long-term
and short-term ratings of BBB+ and F2 respectively from Fitch.