South Africa’s Sasol gets $4 billion credit facility via 18 lenders

By Toni Weeks

San Luis Obispo, Calif., Dec. 22 – South Africa's Sasol Ltd. said it has closed on a $4 billion credit facility with a syndicate of 18 lenders.

Proceeds will be used for the company’s ethane cracker and derivatives complex in Lake Charles, La.

Bank of Tokyo-Mitsubishi UFJ, Ltd., BNP Paribas, HSBC Bank USA, NA, Intesa Sanpaolo SpA, JPMorgan Chase Bank, NA, Bank of America Merrill Lynch, Mizuho Bank, Ltd., Sumitomo Mitsui Banking Corp. and Citibank, NA are the bookrunners and joint lead arrangers, with Absa Bank Ltd., KfW IPEX-Bank GmbH, Industrial and Commercial Bank of China Ltd., ING Capital LLC, Korea Development Bank and SG Americas Securities LLC as additional joint lead arrangers.

Export Development Canada, Deutsche Bank AG and UniCredit Bank Austria AG are the managers. Bank of Tokyo-Mitsubishi is the administrative agent. Bank of America, NA is the account bank, and HSBC Bank is the security trustee for the credit facility.

According to the release, Sasol will use a variety of potential funds, including surplus cash available in the group, to finance the construction of its $8.9 billion petrochemical complex.

Sasol is a Johannesburg-based mining, energy and chemical company.

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