Africa Finance Corporation secures $625 million syndicated loan
The transaction was upsized from an initially planned $500 million following an oversubscription of 61 percent, reflective of the strong demand from investors.
In a move it says would further diversify its debt profile, Africa Finance Corporation (AFC), a leading infrastructure solutions provider on the continent, has announced that it has secured a $625 million syndicated loan with new lenders from the Middle East and Asia. Gulf Bank, National Bank of Ras Al-Khaimah, China CITIC Bank Corporation, Qatar National Bank, Doha Bank and Industrial Bank of Korea Limited joined the syndicate as first-time lenders to AFC, strengthening the corporation’s coalition of investors and global capital market access.
AFC said the latest funding is a testament to its “resilience and exceptional creditworthiness in a challenging macroeconomic environment of rising interest rates, tighter financial conditions, capital outflows, and a stronger US dollar.” The transaction was upsized from an initially planned $500 million following an oversubscription of 61 percent, reflective of the strong demand from investors.
First Abu Dhabi Bank PJSC, FirstRand Bank Limited (London Branch), ICBC (London) Plc., Mashreqbank PSC (acted as agent), MUFG Bank, Ltd., Standard Chartered Bank, and SMBC Bank International Plc. acted as Mandated Lead Arrangers and Bookrunners on this three-year syndicated loan.
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