News

Standard Bank Plc secures US$230m loan
24 November 2010

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 banks.

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 are:

  • 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.

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