Mauritius Commercial Bank has closed an inaugural Gulf Cooperation Council and India-focused syndicated term loan for US$450m, further diversifying the bank’s international lender base and expanding its relationships in key global markets.

Proceeds will be used for general corporate purposes, supporting MCB’s continued growth strategy in Mauritius and across Africa.

It has a two-year maturity with a one-year extension option, providing MCB with enhanced funding flexibility.

The loan was launched at US$300m and received strong support from the market, attracting commitments from a total of 25 banks, including five new lenders, alongside MCB’s established relationship lenders.

It closed around 2.1 times oversubscribed allowing MCB to upsize the facility to US$450m and to secure more competitive pricing to lower its overall cost of funding.

Abu Dhabi Commercial Bank, Emirates NBD, First Abu Dhabi Bank, Mashreqbank, Mizuho Bank, SMBC, Standard Chartered and State Bank of India acted as coordinators and bookrunners on the loan.

Source: IFR