Mashreq, one of the leading financial institutions in the MENA region, acted as the Sole Global Coordinator, Initial Mandated Lead Arranger, Underwriter, Bookrunner, Documentation and Facility Agent for State Bank of India’s (acting through its GIFT City Branch) USD 750 Million Senior Unsecured Syndicated Term Loan Facility (“Facility”) (“SBI”), signed on 11th July 2024.
The Saudi National Bank, Banque MISR and Punjab National Bank joined as Mandated Lead Arrangers (the “MLAs”) and DZ Bank, National Bank of Umm Al Qaiwain, Sampath Bank, The National Bank of Ras Al Khaimah, Shinhan Bank, AfrAsia Bank, Invest Bank and Industrial Bank of Korea acted as the Arrangers (the “Arrangers”) for the Facility.
The Facility was initially launched at USD 350 Million in May 2024. Following a very successful syndication the transaction was upsized to USD 750 Million. The Facility will be used for general corporate funding purposes of SBI.
Following strong global demand primarily from Middle East, South Asia, Africa, Germany and South Korea based lenders, the facility saw participation from 11 institutions and was 2.2 times oversubscribed resulting in an upsized deal.
This achievement demonstrates Mashreq’s continued commitment to our cross-border financing strategy and the robust relationships with leading financial institutions that we foster across our key markets.
Joel Van Dusen, Group Head of Corporate and Investment Banking, Mashreq, said, “We consider it our privilege to be mandated solely on a syndicated deal for a premier financial institution like State Bank of India. Once again, we have been able to demonstrate the ability to connect new pools of liquidity that exists across continents on a successful syndicated deal for Mashreq’s key client relationships.”
