Proceeds from the Facility will be used for general corporate purposes, including trade finance.
Citi joined the Facility as Bookrunner prior to the launch of syndication. Mizuho Bank, Ltd will be acting as facility agent on the transaction. Ahead of the launch of general syndication, the Facility attracted significant commitments during a successful senior syndication phase.
The Facility launched general syndication on 30 th January 2019, at a launch amount of USD 500,000,000 (subject to increase). MCB subsequently elected to upsize the transaction to USD 800,000,000, in light of the significant commitments received.
The Facility comprised two tranches, with Tranche A having a tenor of 1 year (bullet repayment) and Tranche B having an initial tenor of 2 years, with a 1 year extension option at the Borrower’s discretion (bullet repayment).
The deal was very well received in the loan market, with commitments in excess of USD 1.0 bn. This significant over-subscription necessitated the scaling back of total commitments, even after upsizing the facility to USD 800,000,000. Twenty-four geographically diverse banks participated in the Facility, reflecting MCB’s strong appeal to international investors, as well as the Borrower’s robust credit story.
Commenting on the Facility, Raoul Gufflet, Deputy Chief Executive of MCB, highlighted that: “We are very pleased of the keen market interest attracted by this syndication, and the support from a wide pool of lenders spanning Europe, the Middle East and Asia. It testifies of the international recognition of MCB’s investment-grade credit worthiness and confidence in the bank’s strong fundamentals and international growth prospects. The Facility will support MCB in further optimising and diversifying its funding profile, whilst executing on the delivery of its domestic and African ambitions.”
About the Borrower
Founded in 1838, MCB is the leading banking institution in Mauritius, which operates a universal banking business model and offers retail banking, corporate and institutional banking, as well as private banking and wealth management services.
MCB operates under the aegis of MCB Group Limited (“ MCB Group ” or the “ Group ”). MCB Group is a blue chip listed since 1989 on the local stock exchange. It is one of the most traded stocks and the largest listed company on the Stock Exchange of Mauritius, with a market capitalisation of MUR 65.9 bn (~USD
1.9 bn), representing a share of around 25%. The Group has a broad and diversified stakeholder base.
MCB’s rich history, commitment to customer service and excellence, innovative culture and high quality employees have underpinned its solid franchise and long track record of sustainable profitability and financial soundness.
Since 1838, MCB has been a catalyst in the socio-economic development of Mauritius by supporting the development of all pillars of the economy, as well as fulfilling its corporate responsibilities vis-à-vis the community by promoting social welfare.
MCB is part of the small circle of investment-grade sub-Saharan African banks and is rated by both Moody’s (Baa3) and Fitch Ratings (BBB-), which both cite high liquidity buffers, comfortable capital levels, and good earnings-generating capacity and efficiency levels, and the potential for further improvements through MCB’s technological innovation and digital transformation.
Further information on the Borrower may be obtained from its website at www.MCB.mu/en/aboutus
Distributed by APO Group on behalf of The Mauritius Commercial Bank Ltd (MCB).
Media Contact: For further information: The Mauritius Commercial Bank Ltd Stephanie Ah Tow Email: stephanie.ah.tow@mcb.mu Tel: +230 202 6158
Gilles Martial Email: gilles.martial@mcb.mu Tel: +230 202 6357 Standard Chartered Bank Alper Kilic Email: Alper.Kilic@sc.com Tel: +44 (0) 207 885 5993 Sumitomo Mitsui Banking Corporation Europe Limited Antony Gurton Email: antony_gurton@gb.smbcgroup.com Tel: +44 (0) 207 786 1696
Co-ordinators, Active Bookrunners and Mandated Lead Arrangers Sumitomo Mitsui Banking Corporation Europe Limited Standard Chartered Bank
Bookrunner Citi
Mandated Lead Arrangers Commerzbank Aktiengesellschaft, Filiale Luxemburg Commerzbank Aktiengesellschaft China Development Bank Hong Kong Branch First Abu Dhabi Bank PJSC Mizuho Bank, Ltd. MUFG Bank, Ltd. SBI (Mauritius) Ltd State Bank of India, Johannesburg
Lead Arrangers Bank of Baroda, London branch Intesa Sanpaolo Bank Luxemburg SA KfW IPEX-Bank
Arrangers Emirates NBD Bank (P.J.S.C) J.P. Morgan Securities plc HSBC Bank (Mauritius) Limited ING Bank N.V Société Générale
Participants Deutsche Bank AG, London Branch Investec Bank Limited The National Bank of Ras Al Khaimah (P.S.C) AKA Ausfurkredit-Gesellschaft MbH Banque Misr - Dubai Branch Banque Misr SAE - Paris Branch Caixiabank, SA The Korea Development Bank, London Branch
Facility Agent Mizuho Bank, Ltd.
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