Lenders to African Export-Import Bank’s (Afreximbank) latest borrowing of US$210mn gathered in London on October 7 to sign documentation.

Bank of Tokyo-Mitsubishi (bookrunner), KBC Bank (bookrunner), Natexis Banques Populaires (bookrunner), Coperatieve Centrale Raiffeisen-Boerenleenbank, Standard Chartered Bank (facility and documentation agent), Westdeutsche Genossenschafts-Zentralbank and WestLB, London (bookrunner) are all mandated lead arrangers.

The facility is for refinancing and general trade finance purposes.

The loan is a syndicated dual tranche revolving credit facility and resulted in an oversubscription. The borrower elected to increase the facility size from the initial launch amount of US$150mn.

Tranche A is a 364-day loan with a 364-day extension option at the lenders “discretion. Tranche B is for three years.

The margin for tranche A is Libor plus 35bp per year. For tranche B it is Libor plus 65bp.

There is a commitment fee which is 40% of the margin.

Other fees are undisclosed.

Arrangers are: Arab Investment Company; Arab Banking Corporation – Egypt; Barclays Bank; BayernLB; HSBC Bank; HSH Nordbank Luxembourg; Landesbank Baden-Wurttemberg, London; Mizuho Corporate Bank; RZB; San Paolo IMI.

Senior co-arrangers are: Bank of Taiwan; Mashreqbank; and Melli Bank.

Co-arrangers are: United Taiwan Bank; Banca Intesa, London; Bawag; Chang Hwa Commercial Bank; Dresdner Bank; Erste Bank (Malta); Export-Import Bank of the Republic of China; Mascareignes International Bank; State Bank of India; and Union De Banques Arabes et Francaises-UBAF.

Lead managers are: Hua Nan Commercial Bank; DZ Bank; Ghana International Bank; and LRP Landesbank Rheinland Pfalz.