Blank NEWS Online (NIGERIA) :

Africa Finance Corporation, Africa’s leading infrastructure solutions provider, has raised USD$400 million in a new syndicated loan to support the post-pandemic recovery through critical development of infrastructure.

The three-year facility – the first from AFC since 2018 – was increased from an initial target of USD$300 million as strong interest from investors led to the offering being 2.5 times oversubscribed. The proceeds will facilitate upcoming infrastructure projects that address the continent’s developmental challenges.

“The transaction demonstrates the confidence of banking partners, both old and new, in AFC’s strong credit risk profile and broadening global appeal in the capital markets,” said Banji Fehintola, Senior Director & Treasurer at AFC.

“This loan will be instrumental in working towards plugging the infrastructure gap we are facing on this continent, especially following the damaging effects of the Covid-19 pandemic. We remain committed to partnering with experienced, like-minded organizations to provide sustainable finance for infrastructure development in Africa, while achieving the lowest borrowing costs of any institution on the continent.”

Moody’s recently improved its outlook for AFC’s investment grade credit ratings to ‘stable.’ Its senior unsecured ratings at A3 and short-term issuer ratings at P-2 are the second highest of any institution in Africa.
New relationships forged with the diverse pool of international investors behind the syndicated loan will enable flexible financial instruments and further diversification of AFC’s investment portfolio.

Absa Bank Limited (acting through its Corporate and Investment Banking division), Bank of China Limited, London Branch, First Abu Dhabi Bank PJSC, ICBC (London) plc, Mashreq Bank PSC, MUFG Bank Ltd, Nedbank Limited, London Branch, Rand Merchant Bank, a division of FirstRand Bank Limited, London Branch, Standard Chartered Bank and SMBC Bank International plc, acted as Bookrunners and Mandated Lead Arrangers (“BMLAs”), whilst Korea Development Bank and Standard Bank of South Africa acted as Mandated Lead Arrangers (“MLAs”). MUFG Bank Ltd and ICBC (London) plc also acted as Facility Agent and Documentation Agent respectively.

*Source: AETOSWire

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Blank NEWS Online founding Editor-in-Chief and Publisher, Albert Eruorhe Ograka, is a Graduate of Mass Communication. He also holds a Post Graduate Diploma (PGD) in Journalism from the International Institute of Journalism (IIJ).

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