Standard Bank closes $800m sustainability-linked syndicated loan from international lenders
Financial services firm Standard Bank has closed an $800-million sustainability-linked syndicated loan with 30 banks from across Asia, Australia, Europe, the Middle East and North America.
The interest rate on the loan is linked to Standard Bank’s performance against two sustainability key performance indicators, namely green finance and social finance mobilisation, which also align with its sustainability strategy.
Initially launched at $500-million, the facility was well received by the international loan market and was significantly oversubscribed, with commitments totalling more than $1-billion, Standard Bank says.
The facility is structured as a two-year loan with an option for the bank to elect to extend for a further year.
“The success of the transaction highlights the international syndicated loan market’s continued confidence in, and support for, Standard Bank and its Africa growth strategy,” says Standard Bank Corporate and Investment Banking CEO Luvuyo Masinda.
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