Consortium Raises SMK400 Bln For SABMiller's ZamBrew - I-Net

21st Jun 2010 10:57

JOHANNESBURG (I-Net Bridge)--A consortium consisting of Absa Capital/Barclays Bank Zambia PLC, Citibank N.A. and Standard Chartered Bank Zambia PLC acted as joint bookrunners and mandated lead arrangers for the raising of 400 billion Zambian kwacha term and revolving credit facilities on behalf of Zambian Breweries, the Zambian subsidiary of SABMiller PLC (SAB.JO). The transaction is the first syndicated loan for ZamBrew. The facilities, which are guaranteed by SABMiller, will be used to refinance certain existing bank facilities, for general corporate purposes and to support ZamBrew's capital expenditures program. The Facilities are approximately split between a ZMK340 billion term loan and a ZMK60 billion revolving credit facility. Both tranches have a three year term. The transaction was launched at ZMK300 billion but received commitments well in excess with ZamBrew electing to take up ZMK400 billion. Access Bank Zambia Limited, African Life Financial Services (Zambia) Ltd., Bank of China (Zambia) Ltd., Citibank Zambia Ltd., First National Bank Zambia Ltd., Investrust Bank PLC, Stanbic Bank Zambia Ltd., the Standard Bank of South Africa Ltd., and Zambia National Commercial Bank PLC joined the transaction during general syndication. Standard Chartered Bank acted as agent bank, with Chibesakunda & Co. and Clifford Chance LLP acting as legal advisors to the bookrunners. I-Net Bridge, Tel: +27-11-280-0735, [email protected] Copyright 2010 I-Net Bridge. All rights reserved (END) Dow Jones Newswires June 21, 2010 05:57 ET (09:57 GMT)