Cairo:– The African Export-Import Bank (Afreximbank) has successfully closed a record $632.9 million and Euro 499.6 million dual-tenor dual-currency syndicated term loan facility.
Afreximbank announced in Cairo today that the general syndication
stage of the $632,900,000 and Euro 499,552,000 facility, which the
Bank raised in the Eurocurrency Loan Market, was originally signed on
12 May. General syndication lenders signed into the agreement on 30
May, making the facility the largest ever such facility for the Bank.
According to the Bank, the fact that the facility attracted a wide
base of lenders from around the globe, but particularly from Asia and
the Middle East, is evidence of the confidence which lenders have in
“With 70 per cent of the commitments coming from Asia and the
Middle East, this facility greatly enhances our drive to diversify
our liability book by geography,” said Denys Denya, Afreximbank’s
Executive Vice President in charge of Finance, Administration and
Mr. Denya said that Afreximbank would use the funds to repay
existing debt but would also apply it to funding trade finance and to
meeting general corporate purposes.
The Facility is structured as a dual-currency (Euro and US Dollar)
and dual-tenor (two-year and three-year) syndicated facility, with
about 80 per cent of the total amount falling into the three-year
tranche, helping the Bank to lengthen its liability profile in the
Eurocurrency loan funding space.
The facility attracted aggregate commitments amounting to the
equivalent of $1.36 billion which, following a scale-back, resulted
in a final facility size equivalent to $1.16 billion, with 35 banks
Bank served as coordinator, bookrunner and agent for the facility and
was supported by 13 initial mandated lead arrangers and bookrunners.
These are: Bank ABC (Arab Banking Corporation B.S.C.); Abu Dhabi
Commercial Bank PJSC; The Bank of Tokyo-Mitsubishi UFJ, Ltd.;
Barclays Bank Mauritius Limited; Sumitomo Mitsui Banking Corporation
Europe Ltd.; Commerzbank Aktiengesellschaft Filiale Luxemburg;
Emirates NBD Capital Limited; Rand Merchant Bank, a division of
FirstRand Bank Limited (London Branch); HSBC Bank plc.; ICBC (London)
plc.; Mizuho Bank Ltd.; National Bank of Abu Dhabi PJSC; and The
Standard Bank of South Africa Limited, Isle of Man Branch.
The 13 initial
mandated lead arrangers and bookrunners were joined at the general
syndication stage by AKA Ausfuhrkredit; Axis Bank; Bank of China;
Bank of Taiwan; Banque Misr; Commercial Bank of Kuwait; Export-Import
Bank of China; First Commercial Bank; State Bank of India; Chang Hwa
Commercial Bank; Land Bank of Taiwan; Mega International Commercial
Bank Co.; Shanghai Commercial and Savings Bank; Barclays Bank Egypt;
Ghana International Bank; KEB Hana Bank; Taipei Fubon Commercial
Bank; The Export – Import Bank of the Republic of China;
Export-Import Bank of Korea; and Federated Investors, Inc. as
mandated lead arrangers and arrangers.