On [Thursday, 9th] September 2021, on behalf of The Mauritius Commercial Bank Ltd (www.MCB.mu) (the “Borrower”, or “MCB”), Abu Dhabi Commercial Bank PJSC (“ADCB”), Citi, Intesa Sanpaolo S.p.A. (“Intesa”), Mizuho Bank, Ltd. (“Mizuho”), Standard Chartered Bank (“SCB”) and SMBC Bank International plc (“SMBC BI”), each as a “Coordinator” and “Bookrunner” and collectively, the “Coordinators and Bookrunners”, are pleased to announce the signing and successful closing of syndication for MCB’s USD 1,000,000,000 Dual Tranche Syndicated Term Loan Facility (the “Facility”).
Proceeds from the Facility will be used to refinance amounts outstanding under the Borrower’s existing USD800mn term loan signed in March 2019 and for general corporate purposes, including trade finance.
The Facility launched at an amount of USD 600,000,000 (subject to increase). MCB subsequently elected to upsize the transaction to USD 1,000,000,000, in light of the significant commitments received.
The Facility comprises two tranches – Tranche A with a tenor of 2 years (bullet repayment) and Tranche B with a tenor of 3 years (bullet repayment).
The deal was very well received in the loan market, with commitments in excess of USD 1.6bn and the book being covered 2.78x. This significant over-subscription led to scale-back of total commitments, even after upsizing the facility to USD 1,000,000,000. The Facility was circled by thirty-one banks, comprised of existing core lenders and a number of new lenders from across the globe, reflecting MCB’s strong appeal to international investors, as well as the Borrower’s robust credit story.
Alain Law Min, Chief Executive Officer (CEO), MCB Ltd: “The success of the deal demonstrates the support of the international loan markets to MCB, despite challenging times both on the local and international fronts. This has been possible thanks to the depth and breadth of the Financial Institutions network developed by MCB and bears testimony to the strength of our investment grade credit-worthiness. This line of credit will sustain our strategic endeavours to pursue the expansion of our international business in the region and across Africa”.
The Facility is the largest financing to a corporate borrower in Africa year to date.
Distributed by APO Group on behalf of The Mauritius Commercial Bank Ltd (MCB).MCB Media Contact:
The Mauritius Commercial Bank Ltd
Gilles Martial
Email: gilles.martial@mcb.mu
Tel: +2302026357
Anbar Jowaheer
Email: anbar.jowaheer@mcb.mu
Tel: +2302026155
Coordinators’ Contact:
Abu Dhabi Commercial Bank
Jabirul Choudhury
Email: Jabirul.C@adcb.com
Tel: +971 2 696 2381
Citi
Adrian Bain
Email: adrian.bain@citi.com
Tel: +44 20 7986 4945
Intesa Sanpaolo
Gustaaf Eerenstein
Email: gustaaf.eerenstein@intesasanpaolo.com
Tel: +39 346 075 0820
Mizuho
Stewart Wakeman
Email: stewart.wakeman@mhcb.co.uk
Tel: +44 20 7012 4326
SMBC Bank International
Radhika Patel
Email: radhika_patel@gb.smbcgroup.com
Tel: +44 20 7786 1696
Standard Chartered Bank
Charles Corbett
Email: Charles.Corbett@sc.com
Tel: +44 20 7885 7391
About the Borrower:
Founded in 1838, MCB is the longest-standing and leading banking institution in Mauritius and an increasingly prominent regional player, which operates a universal banking business model and offers retail banking, business banking, corporate and institutional banking, as well as private banking and wealth management services.
MCB is the main subsidiary of MCB Group Limited (“MCB Group” or the “Group”). MCB Group is a blue chip company listed since 1989 on the local stock exchange. It is one of the most traded stocks in Mauritius and is the largest listed company on the Stock Exchange of Mauritius, with a market capitalisation of MUR 65.4 bn (~USD 1.6 bn) as at June 2021, representing a share of around 29%. The Group has a broad and diversified stakeholder base.
MCB’s rich history, commitment to customer service and excellence, innovative culture and high quality employees have underpinned its solid franchise and long track record of sustainable profitability and financial soundness.
Since 1838, MCB has been a catalyst in the socio-economic development of Mauritius by supporting the development of all pillars of the economy, as well as fulfilling its corporate responsibilities vis-à-vis the community by promoting social welfare.
MCB is investment-grade rated by Moody’s Investors Service and among the few financial institutions rated as such in sub-Saharan Africa. MCB’s Baa3 deposit and issuer ratings reflect the Bank’s importance to Mauritius' domestic financial system, strong capital levels, robust liquidity buffers, stable funding profile as well as solid earnings generation capacity.
Further information on the Borrower may be obtained from its website at www.MCB.mu/en/about-us
Coordinators, Bookrunners and Mandated Lead Arrangers
Abu Dhabi Commercial Bank
Citi
Intesa Sanpaolo
Mizuho
Standard Chartered Bank
SMBC BI
Mandated Lead Arrangers
Bank of Baroda
Commerzbank
Doha Bank
Emirates NBD
First Abu Dhabi Bank
HSBC
ICBC
KfW
MUFG
OPEC Fund
Société Générale
State Bank of India
Union Bank of India
Lead Arrangers
AfrAsia
Credit Europe Bank
Gulf Bank
JPMorgan
RAK Bank
Sanlam
Standard Bank
Arrangers
Banque Misr
Bank Muscat
BCP Bank
Caixabank
Investec
Facility Agent
Mizuho
© Press Release 2021
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
