"Securing this financing facility is another key milestone in advancing a defining project for the company," said Paul Victor, Acting Chief Financial Officer, Sasol Limited. "The support from a large number of international financial institutions is a testament to Sasol's strong standing within the global financial markets."
A syndicate of 18 international banks and other financial institutions are lenders for the credit facility. The syndicate consists of:
-Book-runners and joint lead arrangers: The Bank of Tokyo-Mitsubishi UFJ, Ltd.; BNP PARIBAS; HSBC Bank USA, National Association; Intesa Sanpaolo S.p.A.; JPMorgan Chase Bank, N.A.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; Mizuho Bank, Ltd.; Sumitomo Mitsui Banking Corporation and Citibank, N.A.
-Joint lead arrangers: Absa Bank Limited; KfW IPEX-Bank GmbH; Industrial and Commercial Bank of China Limited; ING Capital LLC; Korea Development Bank and SG Americas Securities LLC.
-Managers: Export Development Canada; Deutsche Bank AG and UniCredit Bank Austria AG.
The Bank of Tokyo-Mitsubishi UFJ, Ltd.is the administrative agent, Bank of America, N.A. is the account bank, and HSBC Bank USA, National Association is the security trustee for the credit facility. The Royal Bank of Scotland plc acted as the project's financial advisor, and Latham & Watkins LLP served as legal advisor for the project. Skadden, Arps, Slate, Meagher & Flom LLP advised the lenders.
In October, Sasol announced its final investment decision relating to a US$8.9 billion petrochemical complex, which consists of an ethane cracker that will produce 1.5 million tons of ethylene annually. The complex will also comprise six chemical manufacturing plants, enabling infrastructure and utility improvements.
The remainder of the funds required for construction will be raised in a phased manner from a variety of potential sources, including surplus cash available in the group. Additional funding will be announced as it is secured.
Forward-looking statements: Sasol may, in this document, make certain statements that are not historical facts and relate to analyses and other information which are based on forecasts of future results and estimates of amounts not yet determinable. These statements may also relate to our future prospects, developments and business strategies. Examples of such forward-looking statements include, but are not limited to, statements regarding exchange rate fluctuations, volume growth, increases in market share, total shareholder return and cost reductions. Words such as "believe", "anticipate", "expect", "intend", "seek", "will", "plan", "could", "may", "endeavour" and "project" and similar expressions are intended to identify such forward-looking statements, but are not the exclusive means of identifying such statements.
By their very nature, forward-looking statements involve inherent risks and uncertainties, both general and specific, and there are risks that the predictions, forecasts, projections and other forward-looking statements will not be achieved. If one or more of these risks materialise, or should underlying assumptions prove incorrect, our actual results may differ materially from those anticipated. You should understand that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward-looking statements.
These factors are discussed more fully in our most recent annual report under the Securities Exchange Act of 1934 on Form 20-F filed on 29 September 2014 and in other filings with the United States Securities and Exchange Commission. The list of factors discussed therein is not exhaustive; when relying on forward-looking statements to make investment decisions, you should carefully consider both these factors and other uncertainties and events. Forward-looking statements apply only as of the date on which they are made, and we do not undertake any obligation to update or revise any of them, whether as a result of new information, future events or otherwise.