Compelo Energy - Latest industry news and analysis is using cookies

We use them to give you the best experience. If you continue using our website, we'll assume that you are happy to receive all cookies on this website.

ContinueLearn More
Close
Dismiss

Sasol signs five-year revolving credit facility for $3.9bn

Sasol, the South African chemicals and energy company, has increased its existing $1.5bn Revolving Credit Facility to $3.9bn and extended the maturity to five years with the inclusion of two further extension options of one year each.

Sasol launched this transaction with a targeted facility size of US$3,0 billion, which was subsequently increased to US$3,9 billion given the notable oversubscription.

Citi and Mizuho Bank, Ltd. were mandated 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 with17 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 Société Générale joined as Arrangers.

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