China Construction Bank contributes to ZAR 2 billion loan facility to Aspen Pharmacare for refinancing and general corporate purposes (Linked to Record ID#96799)

Project narrative

On May 17, 2018, Aspen Pharmacare Holdings Ltd. signed six multi-currency (EUR, ZAR, AUD) loan facilities made to three subsidiary corporate entities totaling the equivalent of EUR 3.6 billion. All facilities were combined into a single facility agreement, within which all lenders were placed on equal footing. All facilities had a one-year extension option. All facilities were lent by the same international syndicate containing twenty-seven (27) entities, including the China Construction Bank's (CCB) Johannesburg branch and the Industrial and Commercial Bank of China (ICBC) Thai Bank. The purpose of all the facilities was to refinance the Aspen group's existing debts and sustain the group's general corporate functions. Three facilities were made to Aspen Finance (Pty) Ltd. The first was a EUR 1 billion loan facility with an initial maturity date of two (2) years (CCB: #96773, ICBC: #96774). The second was a EUR 500 million loan facility with an initial maturity date of four (4) years (CCB: #96776, ICBC: #96777). The third was a EUR 1.15 billion revolving credit facility with an initial maturity date of four (4) years (CCB: #96795, ICBC: #96796). Two facilities were made to Pharmacare Limited. The first was a ZAR 6 billion loan facility with an initial maturity date of four (4) years (CCB: #96797, ICBC: #96798). The second was a ZAR 2 billion revolving credit facility with an initial maturity date of four (4) years (CCB: #96799, ICBC: #96800). One facility was made to Aspen Asia Pacific Pty Ltd. It was an AUD 350 million revolving credit facility with an initial maturity date of four (4) years (CCB: #96801, ICBC: #96803). The syndicate structure was identical for all facilities. MUFG Bank and Nedbank acted as initial mandated lead arrangers and bookrunners. ABSA Bank, BofA Securities (formerly known as Bank of America Merrill Lynch), BNP Paribas, Citi Bank U.A.E., FirstRand Bank, Investec, Mizuho Bank, JPMorgan Chase Bank's London branch, Standard Chartered Bank, Standard Finance (Isle of Man), Standard Bank of South Africa, and Sumitomo Mitsui Banking Corporation (SMBC) Europe acted as mandated lead arrangers and bookrunners. Intesa Sanpaolo Bank Luxembourg, MMI Group, National Australia Bank, and Sanlam Investment Group acted as mandated lead arrangers. China Construction Bank's (CCB) Johannesburg branch, Industrial and Commercial Bank of China (ICBC) Thai Bank, and Commonwealth Bank of Australia acted as lead arrangers. Afrasia Bank, CaixaBank, Deutsche Bank Luxembourg, Bank of Ireland Group PLC, Mauritius Commercial Bank, and Westpac Banking Corporation acted as arrangers. All facilities were guaranteed by Aspen Pharmacare Holdings Limited, Pharmacare Limited, Aspen Global Incorporated, Aspen Asia Pacific Pty Ltd, Aspen Finance (Pty) Ltd, Aspen Nutritionals Australia Pty Ltd, Aspen Pharmacare Australia Pty Ltd, Aspen Pharma Pty Ltd, and Orphan Holdings Pty Ltd.