Citi, Standard Bank Group and Standard Chartered Bank as bookrunners and mandated lead arrangers are pleased to announce the successful closing of syndication of the US$600,000,000 syndicated medium term loan facility for the Republic of Kenya, acting through the Ministry of Finance.
A diverse group of 13 international and regional lenders joined the facility in syndication, highlighting the Republic's attractiveness to major financial institutions around the globe.
The lenders joining the facility are: The Hongkong and Shanghai Banking Corporation Ltd, Johannesburg Branch and PTA Bank as mandated lead arrangers; FBN Bank (UK) Ltd as a lead arranger; British Arab Commercial Bank Plc, Bank Of India, Ghana International Bank Plc, State Bank of Mauritius Ltd and ZEP-RE (PTA Reinsurance Company) as Arrangers; BankMuscat S.A.O.G., East African Development Bank, Sanlam Capital Markets Ltd and The Mauritius Commercial Bank Ltd as managers; and Atlantic Forfaitierungs AG as a participant.
The facility was fully underwritten by the bookrunners and was signed with the republic on 15 May 2012. The facility has a two year tenor and carries a margin of Libor+4.75% per annum. The proceeds from the facility are being used by the republic to fund costs approved by Parliament in the Fiscal Year 2011/12, including infrastructure projects, as well as constitution implementation costs.
The facility is the republic's debut international syndicated loan financing, and is one of Africa's largest syndicated loan transactions of 2012. The success of this inaugural benchmark facility represents the republic's ability to access the global financial markets to support its continued growth.
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