MCB raises USD350m in Syndicated Loan from Asia
PORT LOUIS, Republic of Mauritius, Feb. 19, 2025 /PRNewswire/ -- The Mauritius Commercial Bank Ltd successfully closed its first Dual Tranche Asia-focused Syndicated Term Loan of USD350m. Initially launched at USD300m, the facility was very well received and was oversubscribed two times from a total of 20 banks, allowing MCB to upsize the facility to USD350m subsequently. The proceeds of the Facility will be used by MCB for general corporate purposes.
This landmark transaction, which includes MCB's debut 5-year syndicated loan and launched exclusively to Asian Lenders, is a testament to the confidence placed by international lenders in MCB's creditworthiness and strategy. The syndication was launched with a physical roadshow in Hong Kong, Beijing, Shanghai, Taipei, and Seoul, generating significant interest from lenders across all these jurisdictions, including India, with a number of these banks being first-time lenders to MCB. With the diversification of its lenders' pool to Asian lenders, MCB has also been successful in substantially tightening its cost of borrowing.
Anbar Jowaheer, Head of Financial Institutions and Syndication, MCB: "This new facility continues the success of MCB's funding program aimed at diversifying its funding sources through new markets. The significant participation in the 5-year tranche underscores the trust of international investors in MCB's strategy."
Thierry Hebraud, CEO, MCB Ltd: "Expanding our investor base to Asian lenders marks a significant milestone for MCB, particularly in view of the Asia – Africa corridor of the Mauritius IFC. This facility is a testimony to the global investor confidence placed in MCB's strategy, its investment grade ratings, and its 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 Roadshow Coordinators for the Facility.
Visit http://mcbgroup.com to learn more about MCB.
Contact: Nicolas Teisserenc, [email protected]
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SOURCE MCB Group
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