By Aleesia Forni
Columbus, Ohio, Feb. 28 - African Bank Ltd. tapped its existing 6% fixed rate senior unsecured notes due 2016 for $50 million on Monday, according to a company release.
The notes were issued at a spread of 649 basis points above the mid-swaps rate.
Goldman Sachs International was sole bookrunner and lead arranger.
African Bank priced the original $300 million of the notes on June 10, 2011 at 99.768 to yield 6.048% or mid-swaps plus 425 bps.
The new notes, issued under African Bank's $2 billion euro medium-term note program, will be listed on the London Stock Exchange on March 2.
African Bank executed a cross currency hedge, swapping the dollar exposure into South African rand.
African Bank is a Johannesburg-based lender.
| Issuer: | African Bank Ltd.
|
| Issue: | Add on to senior notes
|
| Amount: | $50 million
|
| Maturity: | June 15, 2016
|
| Coupon: | 6%
|
| Spread: | Mid-swaps plus 649 bps
|
| Trade date: | Feb. 27
|
| Bookrunner: | Goldman Sachs International
|
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