Narrative
Full Description
Project narrative
In April 2023, Sasol Limited — a South African energy and chemical company — signed a set of syndicated facility agreements worth $2.967 billion with a group of 14 banks for refinancing purposes: a $982 million five-year term loan and $1.987 billion five-year revolving credit facility (RCF) with two extension options of one year each. Bank of America Europe DAC, Mizuho Bank, Ltd., and MUFG Bank, Ltd. served as Joint Global Coordinators for the syndicated transaction. J.P. Morgan Securities Plc and SMBC Bank International Plc. joined as Bookrunners and Mandated Lead Arrangers (MLAs). Bank of China Limited, Johannesburg Branch, Citibank, N.A., Johannesburg Branch, Intesa Sanpaolo Bank Luxembourg SA, Standard Chartered Bank joined as MLAs, Industrial and Commercial Bank of China Limited, London Branch joined as Lead Arranger, China Construction Bank Corporation, Johannesburg Branch joined as Arranger and Goldman Sachs International Bank, Morgan Stanley Bank AG and State Bank of India, Johannesburg joined as Participants. The borrower was expected to use the loan proceeds to refinance existing banking facilities, which were due to mature in calendar year 2024.
Staff comments
1. EY acted as Sasol’s independent financial advisor in the transaction. 2. The individual contributions of Bank of China Limited, China Construction Bank, and ICBC to the $982 million syndicated term loan are unknown. For the time being, AidData assumes equal contributions ($70,142,857.14) across all 14 members of the syndicate. 3. Sasol Limited is an integrated energy and chemical company based in Sandton, South Africa. The company was formed in 1950 in Sasolburg, South Africa.