UPDATE: The Mauritius Commercial Bank Limited (MCB) has just announced the successful closure of its inaugural USD 450 million Syndicated Term Loan Facility, significantly enhancing its funding strategy. The announcement, made earlier today from Port Louis, Mauritius, marks a pivotal development in MCB’s efforts to diversify its international lender base and solidify relationships across key markets.
The loan facility, originally targeted at USD 300 million, was met with overwhelming demand, resulting in a staggering oversubscription rate of approximately 2.1 times. This led MCB to upsize the transaction to USD 450 million, showcasing robust confidence among lenders in MCB’s credit fundamentals and growth trajectory.
This two-year term loan, with an option for a one-year extension at MCB’s discretion, is designed to bolster funding flexibility and optimize the bank’s maturity profile. Notably, the strong market support enabled MCB to secure improved pricing, thus reducing overall funding costs. The proceeds from this loan will be allocated for general corporate purposes, fueling MCB’s ongoing expansion in Mauritius and throughout the African region.
In a statement, Anbar Jowaheer, Group Head of Strategic Funding at MCB, emphasized the significance of this syndication. “The successful completion of this syndication, with the participation of new lenders, reinforces the momentum of MCB’s funding program and underscores the bank’s continued attractiveness to international lenders,” he stated.
MCB’s CEO, Thierry Hebraud, also highlighted the strong oversubscription by banks from the Gulf Cooperation Council (GCC) and India. “This clearly reflects the sustained confidence investors place in MCB’s strategy and long-term growth ambitions,” he noted.
The facility involved coordination from major financial institutions including Abu Dhabi Commercial Bank PJSC, Emirates NBD Capital Ltd, First Abu Dhabi Bank PJSC, Mashreqbank PSC, Mizuho Bank, Ltd., SMBC Bank International PLC, Standard Chartered, and State Bank of India, London Branch, which acted as Coordinators and Bookrunners for this significant transaction.
Established over 187 years ago, MCB is the leading bank in Mauritius, offering a comprehensive suite of services including retail, corporate and investment banking, wealth management, and global business solutions. The Group operates not only in Mauritius but also through various subsidiaries, associates, and representative offices across Africa, Europe, and the Middle East.
This deal not only marks a significant financial achievement for MCB but also signals growing investor confidence in the bank’s future, making it a critical moment for both the institution and its stakeholders. As the global financial landscape continues to evolve, MCB’s strategic moves will be closely watched by industry experts and investors alike.
Stay tuned for more updates on this developing story, as MCB continues to navigate its ambitious growth trajectory.
