West Hills Mall, USD28.5 million, Refinance Existing Debt Exposure

Nov 30, 2018

Stanbic Bank Ghana was appointed as the Mandated Lead Arranger and sole lender for this funding transaction of USD28.5 million. Standard Bank of South Africa was appointed Facility Agent and Security Trustee while Stanbic Bank Ghana played the role of Account and Hedging Bank for the transaction.

The purpose of this funding was to refinance existing debt exposure to West Hills Mall Limited. This enabled the company to achieve its optimal debt capacity in line with its rental cash flows.

 The transaction was a refinance facility for the client’s existing USD45.45 million loan facility with the Bank. The initial facility was booked in SBSA (USD25.45 million) and in Stanbic Bank Ghana (USD20 million).

The financial close and pay out on the facility concludes the refinancing of the West Hills Mall transaction which is the final instalment payment to right-size the overall debt exposure of the retail centre through equity injection from its sponsors. Stanbic Ghana is the sole lender in the refinancing transaction and upsized its exposure by approximately USD8.5 million from the existing USD20 million facility.

West Hills Mall Ltd is a special purpose vehicle (SPV) incorporated as a property development company for the construction and development of the 27,730square meter West Hills Mall in Accra, Ghana. AttAfrica has 75% shareholding in Delico Property Development Limited which in turn owns 60% of West Hills Mall. The other equity partner (with 40% shareholding) in West Hills is SSNIT which is the biggest pension administrator that manages the basic National Pension Scheme in Ghana.

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