First for Nedbank sees CIB execute €3,4 billion funding package for global client, Aspen07 August 2018
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 bookrunner 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 cofunder 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.
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