Nigerias Skye Bank has appointed Standard Chartered as mandated lead arranger (MLA) for a syndicated loan facility.
The $100 million loan will have a one year tenor – with an option to extend it for a further year – and will be repaid in full at maturity. It will pay a margin of 3.25% per year over Libor. In addition to being MLA, Standard Chartered is also fully underwriting the facility. The debt will be used to fund the dollar requirements of Skye Banks upstream oil group clients.
Skye Bank is the result of a merger between five Nigerian commercial banks – Prudent Bank, EIB International Bank, Reliance Bank, Bond Bank and Cooperative Development Bank – and was incorporated in January 2006. It is headquartered in Lagos and derives more than 95% of its business from Nigeria.
