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.

Ten banks drawn from Far East, the Gulf Region, Europe, India, Mauritius and the United Kingdom participated in the transaction. Mike Blades, Head, Corporate and Investment Banking, CfC Stanbic Bank Limited said: "We are extremely pleased that such a sizeable amount has been raised for the bank. The oversubscription of $55 million off a launch amount of $100 million certainly indicates the confidence investor banks have in our bank."