$300m Sustainability Facility for Linked Term Loans
Absa Group Limited
Absa launches $300 million Term Loan facility. Initial term of the Facility is two years. Proceeds will be used for general business purposes, such as trade-related financing. If there are too many applications for the Facility, the Borrower can choose to make it bigger.
On behalf of Absa Bank Limited (the "Borrower" or "Absa" or the "Bank"), Bank of America Europe Designated Activity Company, Industrial and Commercial Bank of China Limited, London Branch, SMBC Bank International plc, and Standard Chartered Bank (together the "Bookrunners" and "Coordinators") are pleased to announce the launch of a $300 million Term Loan facility (the "Facility").
The initial term of the Facility is two years, but the Borrower has the option to extend it for another year. The Facility's proceeds will be used for general business purposes, such as trade-related financing, but not just that. If there are too many applications for the Facility, the Borrower can choose to make it bigger.
The borrower Absa Group Limited was started in 1991 in Johannesburg, South Africa. In 2005, Barclays bought the group's majority stake (56.4%). In 2013, the group changed its name to Barclays Africa. In 2018, Barclays Bank sold off its majority stake in Barclays Africa Group Limited.
The company was then officially renamed Absa Group Limited ("Absa Group") and began trading on the Johannesburg Stock Exchange under its new name. The Absa Group is one of the biggest companies in Africa that offers financial services. It has offices in 12 African countries and the UK. Absa Bank Limited is a company that the Absa Group owns 100% of.
Absa Bank Limited, which is based in South Africa and has a Ba2 rating from Moody's, offers retail, business, corporate, investment banking, and wealth management services. The Borrower is one of the biggest financial services companies in South Africa. It serves individual, business, and corporate clients.
The Borrower and its subsidiaries hire 35,267 people and do most of their business in South Africa. As of December 31, 2021, the Bank's full-year earnings were ZAR 85.8 billion, with headline earnings of ZAR 18.6 billion. Total assets were worth ZAR 1,637 billion, and loans and advances to customers were worth ZAR 1,017 billion.
Source: Absa newsroom