Stanbic Bank Uganda Limited (Stanbic Uganda) has signed a US$85 million, eighteen month term loan facility in Dubai on 28 January 2015. The transaction, which is a debut Stanbic Uganda transaction was launched in an amount of USD 75 million and an over subscription of USD 15 million was obtained, thus allowing a final take of USD 85 million.
The facility is priced at 250 basis points over Libor.
Five participating banks in the transaction are: Emirates NBD Capital Limited, Dubai (the Co-ordinator, Mandated Lead Arranger and Bookrunner, Documentation Agent and Publicity Agent); Al Ahli Bank of Kuwait K.S.C.P., Kuwait and Standard Chartered Bank (the Mandated Lead Arrangers); Al Khalij Commercial Bank (al khaliji) Q.S.C., Doha and The Commercial Bank of Qatar (Q.S.C.), Doha (the Lead Arrangers)
Emirates NBD Bank PJSC, Dubai is appointed as Facility Agent
The geographic split of lenders are all from the Gulf Region, bar one being from the United Kingdom.
Patrick Mweheire, Chief Executive, and Stanbic Uganda said: “Being the leading bank in Uganda, we are thrilled to be setting another precedent and tapping the international syndicated loan market to raise senior debt at such tight pricing.”
Mr Mweheire further said that the dollarized piece of the Ugandan economy has grown over the recent years and we intend to deploy these proceeds to support this growth in several high impact sectors.