Ned­bank ar­ranges €3,4 bil­lion fund­ing pack­age for global client, Aspen...

Zambian Business Times - - FRONT PAGE -

In a first for the bank, Ned­bank Cor­po­rate and In­vest­ment Bank­ing (CIB) has suc­cess­fully man­aged the com­plex ex­e­cu­tion of a €3,4 bil­lion fund­ing pack­age for the Aspen Phar­ma­care Hold­ings Lim­ited group. CIB, to­gether with MUFG Bank Ltd, was man­dated as fa­cil­ity co­or­di­na­tor, ini­tial man­dated lead ar­ranger and book run­ner to Aspen to fund and arrange mul­ti­c­ur­rency syn­di­cated fa­cil­i­ties ( in­clud­ing ZAR, EUR and AUD) equiv­a­lent to about €3,4 bil­lion. This ul­ti­mately en­abled CIB to par­tic­i­pate in €200 mil­lion of the fund­ing pack­age. Brian Kennedy, manag­ing ex­ec­u­tive of Ned­bank CIB said it was a wa­ter­shed mo­ment for Ned­bank. ‘It’s the first time our Syndication and Lever­age and Di­ver­si­fied Fi­nance teams have been man­dated as sole SA bank to fund and lead a fi­nanc­ing trans­ac­tion of this na­ture and mag­ni­tude for a truly global client such as Aspen. ‘ The suc­cess­ful con­clu­sion fur­ther ce­mented our long­stand­ing re­la­tion­ship with this blue-chip client. Our re­la­tion­ship with Aspen was first es­tab­lished in 2006 and fur­ther en­trenched in 2008 when we acted as co-fun­der to one of Aspen’s key sub­sidiaries, Aspen Global In­cor­po­rated. Since then, we’ve con­sis­tently in­creased our ex­po­sure to Aspen and sup­ported its in­ter­na­tional ex­pan­sion strat­egy’, Ken­ndy added. Be­ing awarded this global man­date and suc­cess­fully manag­ing the com­plex ex­e­cu­tion in­volved strate­gic col­lab­o­ra­tion among mul­ti­ple teams across Ned­bank. ‘ This en­tailed a ro­bust re­sponse to the re­quest for pro­pos­als, pro­vid­ing a sub­stan­tial €400 mil­lion un­der­writ­ing com­mit­ment, ex­e­cu­tion across mul­ti­ple ju­ris­dic­tions, craft­ing be­spoke fund­ing in­stru­ments and align­ing these in­stru­ments to CIB’s fund­ing func­tion – all amid in­tense com­pe­ti­tion from both do­mes­tic and in­ter­na­tional banks’, said Kennedy. These fa­cil­i­ties were used to re­fi­nance Aspen’s EUR, ZAR and AUD fi­nan­cial in­debt­ed­ness and for gen­eral cor­po­rate pur­poses. A to­tal of 28 lenders from across North Amer­ica, Europe, Africa, Aus­tralia and Asia, com­pris­ing ex­ist­ing core re­la­tion­ship banks, as well as a num­ber of new ones, com­mit­ted to these fa­cil­i­ties. The ag­gre­gate fa­cil­i­ties across EUR, ZAR and AUD were more than 70% over­sub­scribed. ‘ This is an­other fine ex­am­ple of ex­cel­lent col­lab­o­ra­tion, per­sis­tency, de­ter­mi­na­tion and com­mit­ment to en­sure a pos­i­tive out­come,’ Kennedy con­cluded. “This is an­other fine ex­am­ple of ex­cel­lent col­lab­o­ra­tion, per­sis­tency, de­ter­mi­na­tion and com­mit­ment to en­sure a pos­i­tive out­come, “says Brian Kennedy. Ned­bank is South Africa’s 4th largest bank with 20% stake in Ecobank Transna­tional In­cor­po­rated (ETI). It pro­vides its clients ac­cess to bank­ing so­lu­tions across 39 African coun­tries, and af­ford the South African bank ground to tap into the grow­ing mar­kets in Sub-Sa­ha­ran coun­tries to in­clude Zam­bia, An­gola, Benin, Burk­ina Faso, Bu­rundi, Cape Verde, Cameroon, Cen­tral African Repub­lic, Chad, Congo Braz­zav­ille, Demo­cratic Repub­lic of Congo, Cote d’Ivoire, Equa­to­rial Guinea, Ethiopia, Gabon, Ghana, The Gam­bia, Guinea, Guinea Bis­sau, Kenya, Liberia, Malawi, Mali, Mozam­bique, Niger, Nige­ria, Rwanda, Sao Tome & Principe, Sene­gal, Sierra Leone, South Africa, South Su­dan, Tan­za­nia, Togo, Uganda and Zim­babwe.

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