SA Taxi Finance I
Summary
SA Taxi were seeking to syndicate a ZAR 1,700 million senior tranche out of a total ZAR 1,925 million loan programme. A reduced risk appetite in the international and local market meant that an initial ZAR 635 million was placed with the DFI community. The financing was arranged by FMO and Transcapital with participations from GuarantCo and ICF. Investec Bank participated with a further ZAR 120 million of mezzanine financing.South Africa, being an upper middle-income country, would not normally qualify for support from GuarantCo. However, given the pro-poor nature of the financing and SA Taxis inability to access the local markets following the financial crisis, GuarantCo obtained special approval from its shareholders to support the financing.