The existing R6bn ($409.8m) loan was set to mature on 15 November. That deal has now been refinanced to a three year R5.5bn revolving credit facility, which includes both volume and tenor extension options.
The deal features a R2bn accordion, allowing the borrower to increase the facility up to R7.5bn. Also included are two one year extensions if the borrower desires to extend the loan's maturity.
Pricing on the loan is on a "sliding scale" between 240bps to 260bps over Jibar subject to the borrower's debt to equity ratios.
South African lenders Absa Bank and Nedbank led the deal, with international banks joining the syndicate.
The deal shows that lenders continue to have long term confidence in South African borrowers, despite talk of an impending rating downgrade by Moody's, which could remove the country's final investment grade rating.
Though loan syndication bankers are confident that South Africa borrowers will largely continue to benefit from attractive pricing and healthy demand from lenders, as they have been throughout the year, other market participants have expressed concern that the move would send the country's bonds into a frenzy.
Moody's is set to release its assessment on South Africa on Friday 1 November.