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Citi, Mizuho Bank Lead $3.9B Syndicated Revolver for South African Chemicals Giant

November 27, 2017, 08:00 AM
Filed Under: Chemicals

South African chemicals and energy company Sasol has signed a $3.9 billion five-year Revolving Credit Facility, an increase from its existing $1.5 billion Revolving Credit Facility, extended the maturity to five years, with the inclusion of two further extension options of one year each.

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

Sasol mandated Citi and Mizuho Bank, Ltd as Joint Global Co-ordinators for the Transaction, which launched in early November 2017 to a targeted group of banks. The Joint Global Co-ordinators 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. The Company also accommodated a limited number of smaller tickets with the Arranger title. Syndication closed oversubscribed with 17 banks committing, allowing Sasol to increase the Facility and offer scale back to the Joint Global Co-ordinators, BMLAs and the MLAs.

Along with the Joint Global Co-ordinators, there were eight other BMLAs: ABN AMRO Bank N.V., Bank of America Merrill Lynch, BNP Paribas S.A. South Africa Branch, Intesa SanPaolo Bank Luxembourg S.A., J.P. 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 N.A., London Branch and Societe Generale joined as

EY acted as Independent Financial Advisor to Sasol in respect of the transaction.

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