Standard Bank signs USD1.35bn term loan facility

The Standard Bank of South Africa Limited (SBSA) has signed a US$1.35 billion, 36-month term loan facility in London. The transaction was launched in an amount of US$ 750 million and an oversubscription of USD 726 million was obtained, thus allowing for a final take of US$ 1.3 billion.

The facility is priced at 200 basis points over Libor.

Thirty-one international banks, ranging from centres in the US, UK, Europe, the Middle East and the Far East, participated in the transaction.

Simon Ridley, Standard Bank's Chief Financial Officer, said: "This is a significant transaction for Standard Bank and the strong take-up is a reflection of Standard Bank's standing in the international financial community."

The money will be used for the general corporate purposes by SBSA, including trade-related finance.