Industrial and Commercial Bank of China contributes to a $450 million senior unsecured term loan facility to Nedbank

On May 5, 2017, Nedbank borrowed $450 million in a senior unsecured term loan facility from an international syndicate of sixteen (16) lenders. This syndicate included Bank of China's (BOC) Singapore branch (captured in Project ID#96723), Bank of China (UK) (BOC UK), (captured in Project ID#96764), and the Industrial and Commercial Bank of China (ICBC) (captured in Project ID#96765). Nedbank originally sought $350 million, but increased the loan facility amount to $450 million due to oversubscription. The loan facility replaced a maturing $210 million loan facility borrowed in May, 2014. The terms of the loan included a three (3) year non-negotiable maturity date and an interest rate of contemporary LIBOR (0.929%) plus a 1.425% margin rate. BofA Securities (formerly known as Bank of America Merrill Lynch) and Wells Fargo Bank acted as joint co-ordinators and bookrunners, with BofA Securities as documentation agent and Wells Fargo's London branch as facility agent. Mandated lead arrangers on the facility were Bank of China's (BOC) UK branch, Bank of China's (BOC) Singapore branch, Bank of Taiwan, Commerzbank, HSBC, Industrial and Commercial Bank of China (ICBC), JP Morgan, Standard Chartered, State Bank of India and MUFG Bank (formerly known as Bank of Tokyo-Mitsubishi UFJ). Arrangers were BayernLB, Doha Bank, Hua Nan Commercial Bank and Taiwan Business Bank.

Additional details

1. For the time being, AidData assumes equal contribution of all lenders. The value of the financing organization's loan ($28,125,000) was derived by dividing the total amount of funds loaned ($450,000,000) by the number of lenders in the syndicate (16). 2. For the time being, AidData is estimating the interest rate (2.354%) as contemporary LIBOR (0.929%) plus the average margin rate (1.425%) of two possible margin rates (1.3%, 1.55%), dependent on Nedbank's Moody rating being either Baa3/BBB- equivalent or Ba1/BB+ equivalent at the time, respectively.

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