Africa Finance Corporation Raises $400 Million in Syndicated Loan
Posted on 01/19/2022
Africa Finance Corporation raised US$ 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 US$ 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.
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, whilst Korea Development Bank and Standard Bank of South Africa acted as Mandated Lead Arrangers. MUFG Bank Ltd and ICBC (London) plc also acted as Facility Agent and Documentation Agent respectively.