Standard Bank Group's commitment to Africa acknowledged with award wins
23 March 2011
Standard Bank Group's commitment to working with African businesses to facilitate their domestic and international growth plans has been acknowledged with three awards from Global Finance magazine.
Standard Bank Group has been involved in several high profile deals in Africa over the past year, including working with businesses on financing and acquisitions across a number of sectors and markets. The deals span the mining and metals, infrastructure, oil and gas, energy and telecoms sectors, taking place across Africa and connecting African businesses with overseas markets.
These deals include:
Project funding: Companhia Mo??ambicana de Hidrocarbonetos, S.A. (CMH)
Standard Bank Group acted as financial advisor and fund arranger to CMH for the funding of project costs for the expansion of the Central Processing Facility at the Pande and Temane fields' reservoirs in Mozambique. Standard Bank Group arranged USD100m of funding from development finance institutions and achieved a significantly better set of equity terms for CMH than existed under its previous financing agreements.
Project financing: Equinox's Lumwana Project, Zambia
Standard Bank Group was mandated to arrange the refinancing of the Lumwana copper mine project, as well as a bridge facility to support the fulfilment of conditions precedent and the additional debt tranche following a fire during commission. Standard Bank and ICBC successfully secured credit approval just six weeks after initial mandating. The Corporate Facility provided Lumwana Mining significant flexibility compared to the original project debt facilities and afforded Equinox greater control over its financial management and the ability to pursue its corporate development objectives.
Financial advisor: LAP GreenN's US$257m acquisition of 75% of Zamtel
Standard Bank Group acted as sole financial advisor to LAP GreenN for its acquisition of a majority stake in telecoms provider Zamtel, as a key part of LAP GreenN's strategy to build a telecoms network across the African continent. The transaction consideration was US$257 million and LAP GreenN committed to provide financing of c. US$127 million for existing and new network expansion projects.
Ben Kruger, Standard Bank Group Deputy Chief Executive, says: "The awards coincide with our continued efforts to expand our on-the-ground banking presence across Africa, further investing in people, branch networks and systems.
"The awards are testament to Standard Bank's expertise and on the ground presence in Africa, which enables us to have a better understanding of our clients needs on the continent. As a leading African institution we are well placed with the requisite skills to assist companies with their capital and funding requirements and transactional needs to facilitate their economic growth.
"We provide connectivity between other emerging markets and Africa, applying our sectorexpertise globally and leveraging our domestic and cross-border investment banking and global markets capabilities to help our clients achieve their growth potential."
The 'Global Finance World's Best Investment Banks' awards won by Standard Bank Group include:
Best Investment Bank in Africa
Best Debt Bank in Africa
Best Investment Bank in South Africa
A series of criteria was used to select the winners. These included market share, number and size of deals, service and advice, structuring capabilities, distribution network, efforts to address market conditions, innovation, pricing, after-market performance of underwritings and market reputation.