Cairo, Egypt — Industrial and Commercial Bank of China Limited (ICBC), London Branch and Standard Chartered Bank (SCB) have successfully closed a US$500,000,000-Dual Tranche Syndicated Term Loan Facility (the “Facility”) for the African Export-Import Bank (Afreximbank or the Borrower).
ICBC and SCB acted as Coordinators, Initial Mandated Lead Arrangers and Bookrunners for the Facility, which was syndicated exclusively to Asian lenders. ICBC was the Documentation Agent and SC acted as Facility Agent. The proceeds of the Facility will be used by Afreximbank for general corporate purposes.
The Facility, initially launched at US$400 Million, was very well received in syndication, achieving substantial oversubscription from a total of 12 banks. The Facility amount was subsequently increased to US$500 Million, while lenders were still scaled back.
Welcoming the close of the Facility, Denys Denya, Afreximbank’s Senior Executive Vice President, said that the success of the deal was a reflection of the critical importance of regional investors from Asia, to Afreximbank’s fundraising programmes. He noted that the deal recognises the strong trade and investment ties between Asia and the broader African region.
