Nampak set for growth as Nedbank leads new debt package


Nampak Ltd has refinanced and increased its existing rand and US dollar facilities through a R4 billion and US $525 million debt package syndicated among seven institutions by Nedbank Corporate and Investment Banking (CIB) as joint facility coordinator, mandated lead arranger and bookrunner.

Brian Kennedy, Managing Executive of Nedbank CIB, said the package would assist Nampak’s continued growth in the rest of Africa while creating stability and flexibility for funding in multiple currencies against the same guarantor group.

‘In addition, the new structure assisted Nampak in improving the mix of long- and short-term facilities and in creating a funding profile that is considered more appropriate,’ he said. ‘The refinancing and inclusion of the revolving credit facility create a sound platform for growth and liquidity for the next five years, further strengthening the Nampak balance sheet.’

Kennedy said the syndication enabled Nedbank to participate in R500 million of the short-term facilities and R1,5 billion and US $50 million of the term funding.

‘In addition, Nedbank was mandated as facility agent, which further entrenches our already strong relationship with the client.’


Source link