African Export-Import Bank completed a $632.9 million and €499.6 million dual-tenor dual-currency syndicated term loan facility.
It will be used to repay existing debt, to fund trade finance and for general corporate purposes.
The loan facility is divided into two-year and three-year tranches, and approximately 80% of the total amount falls in the three-year tranche, the bank said.
After attracting an initial commitment of the equivalent of $1.36 billion, the facility's final size was fixed at the equivalent of $1.16 billion, with 35 banks taking part. Some 70% of the commitments came from Asia and the Middle East.
Arab Banking Corp. (B.S.C.); Abu Dhabi Commercial Bank PJSC; The Bank of Tokyo Mitsubishi UFJ Ltd.; Barclays Bank Mauritius Ltd.; Sumitomo Mitsui Banking Corp. Europe Ltd.; Commerzbank Aktiengesellschaft Filiale Luxemburg; Emirates NBD Capital Ltd.; FirstRand Bank Ltd. (London Branch) division Rand Merchant Bank; HSBC Bank Plc.; ICBC (London) Plc.; Mizuho Bank Ltd.; National Bank of Abu Dhabi PJSC; and The Standard Bank of South Africa Ltd., Isle of Man Branch were the initial mandated lead arrangers and book runners on the deal.
They 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.
Standard Chartered Bank served as coordinator, book runner and agent for the facility.