We are pleased to announce the successful closing of a US$600,000,000 Sustainability Linked Term Loan Facility (the “Facility”) for Investec Bank Limited (“Investec” or the “Borrower”) on 18th November 2021. Abu Dhabi Commercial Bank PJSC, Bank of America, Industrial and Commercial Bank of China Limited, London Branch, SMBC Bank International plc, Standard Chartered Bank and State Bank of India acted as Coordinators, Bookrunners and Mandated Lead Arrangers for the Facility. Bank of America acted as Documentation Agent and Commerzbank Aktiengesellschaft, Filiale Luxembourg acts as Facility Agent. The proceeds of the loan are to be used for general corporate purposes, including the refinancing of the Borrower’s US$500,000,000 syndicated term loan facility signed on 17th November 2020 and is the first sustainability linked syndicated loan signed by Investec Bank Limited and the second for the Investec Group.
The Facility was initially launched at US$300,000,000 and achieved a significant oversubscription of over 2.5x of the launch amount. Commitments were scaled back and the significant market demand further allowed the deal to be increased, closing at US$600,000,000. A total of 22 banks committed to the transaction from across North America, Europe, the Middle East and Asia. The success of the deal highlights the international syndicated loan market’s continued support for Investec as the global markets continue to recover from the Covid-19 pandemic. Competitive pricing, the sustainability link and a return to a single 2+1 year tranche further demonstrates the appeal of the transaction to lenders.
Details of the facility are as follows:
Borrower: Investec Bank Limited
Facility Amount: US$600,000,000
Purpose: General corporate purposes and Refinancing
Tenor: 2 years + 1 year extension at Borrower’s option
Coordinators, Bookrunners and Mandated Lead Arrangers:
Abu Dhabi Commercial Bank PJSC
Bank of America
Industrial and Commercial Bank of China Limited, London Branch
SMBC Bank International plc
Standard Chartered Bank
State Bank of India
Mandated Lead Arrangers:
The Export-Import Bank of China
BNP Paribas S.A.
China Construction Bank Corporation, Johannesburg Branch
Citibank N.A., London Branch
Commerzbank Aktiengesellschaft, Filiale Luxembourg
Credit Europe Bank N.V.
HSBC Bank plc – Johannesburg Branch
JP Morgan Securities plc
Lloyds Bank Corporate Markets plc
Mizuho Corporate Bank
MUFG Bank, Ltd
The National Bank of Ras Al Khaimah (P.S.C.)
Bank of China
Bank of Taiwan, South Africa Branch
The Export-Import Bank of the Republic of China