Nigeria's Diamond Bank has signed a US$70mn one-year trade-related loan via mandated lead arranger and bookrunner SMBC Europe. The deal was introduced to the bank by SMBC, but RZB was also a mandated lead arranger.

The initial deal was launched at US$50mn, but following an oversubscription was increased to US$70mn. It has a tenor of 360 days, and pays a margin of 2.50% over Libor.

Joining as lead arrangers are FBN Bank, Habib Allied International Bank and Zenith Bank.

Also participating in the deal are Mauritius Commercial Bank, Bank of Beirut, Ghana International Bank, Banco Internacional do Funchal (BANIF), Atlantic Forfaitierungs and Banque SBA.

Diamond Bank is one of the top ten Nigerian banks in total assets, deposits, loans and earnings with capital in excess of US$1bn.