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The Standard Bank of South Africa (SBSA) has signed a US$175 million‚ 364 day syndicated term loan facility in Dubai.

The transaction‚ which is a debut SBSA transaction in the Middle East‚ was launched at US$100 million and was well oversubscribed.

The facility is priced at 130 basis points over Libor.

Twelve participating banks in the transaction are: MashreqBank PSC (Mandated Lead Arranger and Bookrunner)‚ Al Khalij Commercial Bank (al khaliji) Q.S.C.‚ Arab Banking Corporation B.S.C.‚ China Construction Bank Corporation‚ Johannesburg Branch‚ Doha Bank Q.S.C.‚ Industrial and Commercial Bank of China Limited‚ Abu Dhabi Branch‚ Samba Financial Group and Union National Bank PJSC ( the Mandated Lead Arrangers)‚ Bank of China Limited‚ Johannesburg Branch‚ The Commercial Bank of Qatar (QSC) and Raiffeisenlandesbank Oberosterreich Aktiengesellschaft (the Arrangers)‚ Credit Libanais SAL (the Manager)

MashreqBank PSC‚ was appointed as Facility Agent Simon Ridley‚ Standard Bank Group Financial Director says: “We are delighted to have raised such a sizeable amount. This is a reflection of Standard Bank’s standing in the international financial community. However‚ due to recent changes in short term liquidity pools around the globe‚ we decided not to avail of the full committed amount.”

The money will be used for the general corporate purposes by SBSA‚ including trade-related finance. - I-Net Bridge