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    Wednesday, June 12, 2024

    Afreximbank US$500 Million Dual Tranche Syndicated Term Loan Facility

    ICBC and SCB acted as Coordinators, Initial Mandated Lead Arrangers and Bookrunners for the Facility, which was syndicated exclusively to Asian lenders.

    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.

    Details of the Facility are:

    Borrower:

    African Export-Import Bank

    Facility Amount: 

    US$500,000,000

    Purpose:

    General corporate purposes

    Tenor:   

    Tranche A: 3 years

    Tranche B: 5 years

    Lenders
    Global Coordinators, Initial Mandated Lead Arrangers and Bookrunners

    Industrial and Commercial Bank of China Limited, London Branch
    Standard Chartered

    Mandated Lead Arrangers
    Bank of Communications, Co. Ltd
    Bank of Communications, Co. Ltd London Branch
    Bank of Communications, Co. Ltd Prague Branch

    China Construction Bank Corporation, Johannesburg Branch

    Lead Arrangers
    Bank of China Limited, London Branch
    China CITIC Bank Corporation Limited London Branch

    Arranger
    Mega International Commercial Bank Co., Ltd., Offshore Banking Branch

    Participants
    Chang Hwa Commercial Bank, Ltd., London Branch
    Taiwan Cooperative Bank, Offshore Banking Branch
    The Shanghai Commercial & Savings Bank, Ltd.  Offshore Banking Branch


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