Sasol has refinanced its existing banking facilities, due to mature in calendar year 2024, into a new banking facility totaling USD2 969 million. The new banking facility comprises of a USD1 987 million revolving credit facility and a USD982 million term loan facility, both with a five-year maturity, and with two extension options of one year each.
This transaction was launched with a targeted facility size of USD2 500 million, which was subsequently increased to USD2 969 million on the basis of notable oversubscription.
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Sasol has mandated Bank of America Europe DAC, Mizuho Bank, Ltd. and MUFG Bank, Ltd. as Joint Global Coordinators for the transaction, which launched in February 2023 to a targeted group of banks. The Joint Global Coordinators each pre-committed to the transaction, and invited banks to commit on one of five ticket levels, with the following titles:
- Bookrunner and Mandated Lead Arranger (BMLA);
- Mandated Lead Arranger (MLA);
- Lead Arranger;
- Arranger; and
- Participant.
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Syndication was oversubscribed with 14 banks committing, allowing Sasol to increase the Facility.
Along with the Joint Global Coordinators, there were two other BMLAs: J.P. Morgan Securities Plc and SMBC Bank International Plc. Bank of China Limited, Johannesburg Branch, Citibank, N.A., Johannesburg Branch, Intesa Sanpaolo Bank Luxembourg SA, Standard Chartered Bank joined as MLAs, Industrial and Commercial Bank of China Limited, London Branch joined as Lead Arranger, China Construction Bank Corporation, Johannesburg Branch joined as Arranger and Goldman Sachs International Bank, Morgan Stanley Bank AG and State Bank of India, Johannesburg joined as Participants.
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