Agricultural Bank of China contributes to a $1.35 billion syndicated term loan facility made to the Standard Bank of South Africa (Linked to Project ID#96719, #96720, #96721)

On May 25, a syndicate of 31 banks contributed a $1.35 billion syndicated term loan facility to the Standard Bank of South Africa. The loan facility launched at $750 million with the capacity to reach a liquidity of $1.35 billion due to an oversubscription of $726 million. The loan facility had a maturity date of 36 months. The purpose of the loan facility was to support the general corporate functions of Standard Bank, including trade financing. Craig Polkinghorne, global head and director of structured trade and commodity finance at the time, stated that the loan would "include opportunities linked to natural resources across all Africa's regions". The Chinese lenders involved with the syndicate included the Agricultural Bank of China UK (ABCUK) (captured in Project ID#96717), China Construction Bank's (CCB) Johannesburg branch (captured in Project ID#96719), the Industrial and Commercial Bank of China (Asia) (ICBC Asia) (captured in Project ID#96720), and the Industrial and Commercial Bank of China (USA) NA (ICBC) (captured in Project ID#96721). The Bank of Tokyo-Mitsubishi, China Construction Bank's (CCB) Johannesburg branch, Citibank's London branch, HSBC, Mizuho Corporate Bank, and Standard Chartered Bank acted as coordinators, bookrunners, and initial mandated lead arrangers. Commerzbank Aktiengesellschaft, the Industrial and Commercial Bank of China's (ICBC) Hong Kong branch, Industrial and Commercial Bank of China's (ICBC) New York branch, and JPMorgan Chase Bank's London branch acted as mandated lead arrangers. Bank of America Merrill Lynch (now BofA Securities, Inc.), Bayerische Landesbank, The Bank of New York Mellon, Sumitomo Mitsui Finance Dublin Limited, and Wells Fargo Bank acted as lead arrangers. Al Ahli, BNP Paribas, Wholesale Bank Bahrain, and UBS's London Branch acted as arrangers. Agricultural Bank of China's (ABCUK) UK branch, Bank of Muscat, British Arab Commercial Bank PLC, Chang Hwa Commercial Bank, Offshore Banking Branch (Most likely referring to a Taiwanese bank acting through the Republic of China's "Offshore Banking Branch" system), Doha Bank QSC, Kookmin Bank, Mega International Commercial Bank Co. Offshore Banking Branch, Pohjola Bank PLC, and Taiwan Cooperative Bank Offshore Banking Branch acted as lead managers. Atlantic Forfaitierungs, the Export-Import Bank of the Republic of China, Land Bank of Taiwan, and the Shanghai Commercial and Savings Bank (SCSB) Offshore Banking Branch acted as managers. The Export-Import Bank of the Republic of China contributed only $5 million to the syndicated term loan facility, and did not provide insurance for the deal.

Additional details

1. For the time being, AidData assumes equal contribution to the loan among the syndicate lenders, minus the Export-Import Bank of the Republic of China, which is known to have contributed $5 million to the loan. These individual contributions ($42,031,250) were derived by dividing the total amount loaned by the syndicate ($1.35 billion, minus $5 million, for a total of $1.345 billion) by the known lenders (32). The known lenders differs from the source's count of 31 banks, as AidData considers both ICBC branches to be separated entities for this purpose.

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Number of total sources

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