The Africa Export-Import Bank (Afreximbank) raised US$2 billion via a three-year dual-tranche syndicated loan, its largest-ever such transaction, it said on Monday.
The issue raised US$1.73 billion and €228 million, the Cairo-based lender said in a statement, which it will use to refinance existing facilities and cover general expenditures.
The bank initially aimed to raise US$1.5 billion, but lifted the total due to strong investor demand, it said. It did not provide a cost for the loan.
A total of 31 lenders from Europe, the Middle East, Asia, and Africa participated in the deal.
Mashreqbank PSC, MUFG Bank and Standard Chartered Bank acted as joint global coordinators, lead arrangers and bookrunners in the transaction.
Afreximbank has clashed with some in the international financial community over whether it has “preferred creditor status” or must take losses on loans to debt-defaulted countries, including Ghana and Zambia.
Earlier this year, it severed ties with credit ratings firm Fitch, citing a “firm belief” that the agency’s rating approach no longer reflected an understanding of the bank’s mission and mandate.
Source: Reuters
