Mauritius Commercial Bank Ltd has successfully closed its inaugural Asia-focused two-tranche syndicated term loan facility of USD 350 million . Initially launched for USD 300 million, the facility was very well received and was oversubscribed twice by a total of 20 banks, enabling MCB to subsequently increase the facility to USD 350 million. The proceeds of the facility will be used by MCB for general corporate purposes.
This landmark transaction, which includes MCB’s first 5-year syndicated loan and was launched exclusively with Asian lenders, is a testament to the confidence that international lenders have in MCB’s creditworthiness and strategy. The syndication was launched with a roadshow in Hong Kong , Beijing, Shanghai , Taipei and Seoul, which attracted strong interest from lenders in all these jurisdictions, including India, with a number of these banks lending to MCB for the first time. With the diversification of its lending pool towards Asian lenders, MCB has also managed to tighten its cost of borrowing significantly.
Anbar Jowaheer , Head of Financial Institutions and Syndication at MCB: “This new facility confirms the success of MCB’s financing program aimed at diversifying its funding sources through new markets. The significant participation in the 5-year tranche underlines the confidence of international investors in MCB’s strategy.”
Thierry Hebraud, CEO of MCB Ltd: “The expansion of our investor base to Asian lenders marks an important milestone for MCB, particularly in the run-up to the Mauritius IFC’s Asia-Africa Corridor. This facility demonstrates the confidence that global investors have in MCB’s strategy, quality ratings and growth potential.”
Industrial and Commercial Bank of China Limited, London Branch, Mizuho Bank , Ltd. and Standard Chartered acted as bookrunners, initial mandated lead arrangers and road show coordinators for the facility.
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