Afreximbank Raises $2 Billion in Record Syndicated Loan
Quidah is an online platform that connects investors with curated opportunities and expert insights on Africa’s emerging markets, while offering businesses promotional services, partnership facilitation, and market intelligence to attract capital and grow their operations.
Industries
Afreximbank raised $2 billion through a three-year dual-tranche syndicated loan, its biggest-ever such transaction, the Cairo-based lender said on Monday. The bank said the deal was enlarged from an initial target of $1.5 billion after strong investor demand.
The financing raised $1.73 billion and 228 million euros, and will be used to refinance existing facilities and cover general expenditures. Afreximbank did not disclose the cost of the loan.
A total of 31 lenders from Europe, the Middle East, Asia and Africa took part in the transaction. Mashreqbank PSC, MUFG Bank and Standard Chartered Bank acted as joint global coordinators, lead arrangers and bookrunners.
The deal comes as Afreximbank remains at odds with parts of the international financial community over whether it has preferred creditor status, a dispute that has shaped debate around loan losses in countries such as Ghana and Zambia. Earlier this year, the bank also severed ties with credit ratings firm Fitch, saying its rating approach no longer reflected the bank’s mission and mandate.
