Investec Bank signs $400 million loan

By Jack Aldane

LONDON (Reuters) - Investec Bank announced it has signed a $400 million (263 million pound) three-year syndicated term loan, which was led by coordinating banks Commerzbank and Standard Chartered.

The deal was increased from $300 million after raising an over subscription.

The facility, which will be used for general corporate purposes, pays a margin of 110 basis points over Libor.

Commerzbank, Standard Charted Bank, Wells Fargo, Bank of China, BayernLB, BNP Paribas, First Gulf Bank, Lloyds Bank, Mizuho Bank, SMBC, ING, Absa Bank, Abu Dhabi Commercial Bank, Citi, HSBC, JP Morgan, State Bank of India joining the facility as mandated lead arrangers and bookrunners, and BHF-Bank committing as arranger.

Commerzbank also acted as documentation agent with Wells Fargo as facility agent.

Investec operates principally in South Africa and the UK. In July 2002 the Investec group implemented a dual listed company structure with listings on the London and Johannesburg Stock Exchanges. The combined group’s current market capitalisation is approximately 3.6 billion pounds.

Investec Bank has long-term ratings of Baa2, BBB- and BBB- by Moody’s, S&P and Fitch, respectively.

(Editing by Christopher Mangham)

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