CfC Stanbic signs Sh16b loan facility

CfC Stanbic Bank Limited has signed a Sh15.96 billion ($155 million), two/three-year term loan facility in Dubai. The transaction, which is the second CfC Stanbic Kenya transaction, was launched in an amount of Sh10.3 billion ($100 million) and an over subscription of Sh5.7 billion ($55 million) was obtained, thus allowing a final take of Sh15.96 billion ($155 million).

 It is the first time that the tenor has been extended to a three-year term, together with a two-year tranche. The facility is priced at 245 basis points over Libor for the two-year tenor and 290 basis points over Libor for the three year tenor.