Sasol inks $3.9 billion five-year credit facility

Sasol inks $3.9 billion five-year credit facility

6:31 AM, 24th November 2017
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JOHANNESBURG, SOUTH AFRICA: Sasol Limited has increased its existing $1.5 billion revolving credit facility (the facility) to $3. 9 billion and extended the maturity to five years with the inclusion of two further extension options of one year each.

Sasol launched this transaction with a targeted facility size of $3.0 billion, which was subsequently increased to $3,9 billion given the notable oversubscription.

Citi and Mizuho Bank Ltd were mandated as joint global coordinators for the transaction. The joint global coordinators each pre-committed to the transaction and invited banks to commit at one of three ticket levels with the following titles: Bookrunner and Mandated Lead Arranger (BMLA), Mandated Lead Arranger (MLA) and Lead Arranger. 

Syndication closed oversubscribed with17 banks committing, allowing Sasol to increase the Facility and offer scale back to the Joint Global coordinator’s, BMLAs and the MLAs.

Along with the joint global coordinators, there were eight other BMLAs: ABN AMRO Bank NV, Bank of America Merrill Lynch, BNP Paribas SA, South Africa Branch, Intesa Sanpaolo Bank Luxembourg SA, JP Morgan Securities plc, The Bank of Tokyo-Mitsubishi UFJ Ltd, Sumitomo Mitsui Banking Corporation Europe Limited and UniCredit Bank Austria.

Barclays Bank PLC, Deutsche Bank and HSBC joined as MLAs, Export Development Canada and Standard Chartered Bank joined as Lead Arrangers and Wells Fargo Bank NA London Branch and Societe Generale joined as Arrangers.

EY acted as independent financial advisor to Sasol in respect of the transaction.

© Worldofchemicals News

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