Photo by: Creamer Media
Chemicals and energy company Sasol has refinanced its existing banking facilities that were due to mature in 2024, by securing a new $2.9-billion banking facility.
The new facility comprises a $1.9-billion revolving credit facility and a $982-million term loan facility, both with a five-year maturity and with two extension options of one year each.
The transaction was launched in February with a target facility size of $2.5-billion, which was subsequently increased to $2.9-billion owing to a notable oversubscription by a group of 14 banks.
Sasol mandated Ireland-based Bank of America Europe Designated Activity Company and Japanese banks Mizuho Bank and MUFG as joint global coordinators for the transaction.