BOI was presented with this award in recognition of its $1bn
Syndicated Term Loan Facility successfully raised in the international market
in December 2020.
“This recognition highlights our impact as Nigeria’s leading
Development Finance Institution committed to maximising our developmental
impact by raising and deploying the funds that enhance our capacity to support our
customers,” said Mr Olukayode Pitan, Managing Director/Chief Executive Officer,
Bank of Industry, on receiving the award. “We look forward to intensifying our
efforts to catalyse sustainable economic growth for Nigeria and the continent
at large.”
The exhaustive selection process for the awards involves
close examination of deal size, tenor, structure, and distribution; analysis
and background of the borrower and their accessibility to financing; with extra
credit for deals that demonstrate high-quality execution, accessing new pools
of liquidity, innovative structuring, and opening-up new markets. The 2021
Bonds & Loans Africa Awards was postponed due to the disruptions caused by
COVID-19, as such, the ceremony featured winners selected on the performance in
2020 and 2021.
Mr Pitan acknowledged the significant role that myriad
strategic partners played in the consummation of this deal in spite of the
challenges posed by the COVID-19 pandemic: “We are especially grateful for the
support of our lead arrangers, underwriters and book runners; Afreximbank,
Credit Suisse A.G, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation;
and The Central Bank of Nigeria, which provided a 100% currency swap that
allowed us to mitigate foreign exchange rate risks.”
This award comes on the back of BOI’s successful issuance of
a €750mn Senior Eurobond (the first by any African national DFI) in February
2022. In the last four years, the Bank of Industry has raised about $3.8bn from
the international financial market: This includes another syndicated loan of
€1bn in March 2020; and a $750mn syndicated medium-term loan in 2018, which has
been fully paid off.
The Bonds & Loans Africa Awards has been recognising the
most innovative and ground-breaking deals from sovereign, corporate and
financial institution issuers and borrowers since 2014. The annual event brings
together the industry’s most high-profile figures thereby raising the profile
of the African financial markets with the international investment community.
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