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Stanbic Bank Ghana and Standard Bank South Africa, both members of the Standard Bank group, have in what has been recorded as the largest-ever local currency syndication, successfully raised GH�410million to finance some operations of MTN. In addition, US$60million was raised by the syndication team that comprised 16 local and four international banks. MTN appointed Stanbic Bank Ghana Limited and Standard Bank of South Africa as the global coordinators for the deal, as well as its security and facility agents. Standard Bank also participated in the transaction. Stanbic Bank Ghana, acting as the sole bookrunner and global coordinator, ran the process to raise the local portion amounting to GH�410million. It is the largest local currency deal outside the annual COCOBOD syndication transactions, which are usually in foreign currency. There was a positive take-up of the remaining US$60million by foreign banks. The Ghana cedi facilities were oversubscribed by 35% while the USD facility was oversubscribed by 92%. MTN Ghana wanted a bank with a proven international and African footprint to facilitate and participate in the transaction as there has not been a local currency syndication of this size before. Standard Bank, through its African and international network, was able to demonstrate its ability to raise funding from multiple sources in both local and foreign currency. Funds raised in the bond issue will be used by MTN to expand and improve its network in Ghana going forward Commenting on the deal, Chief Executive Officer of MTN Ghana Michael Ikpoki said: �This is a demonstration of how we see our business in Ghana. By looking within to raise this amount of money, we are indicating to the people of Ghana that we have absolute confidence in the economy and, more importantly, the Ghana cedi.