Mandated lead arrangers have signed the new US$180mn dual tranche syndicated loan facility for African Export-Import Bank (Afreximbank). The banks are: Bank of Tokyo-Mitsubishi (bookrunner), HSH-Nordbank, KBC Bank, Natexis Banques Populaires (documentation), Standard Chartered (bookrunner and agent), Westdeutsche Genossenschafts-Zentralbank and WestLB (bookrunner).
The facility attracted over 20 banks in general syndication and was increased from its overall launch size of US$100mn. Tranche A’s 364-day, extendable, revolving credit facility was increased from US$65mn to US$125mn and Tranche B’s two-year term loan facility from US$35mn to US$55mn.
Tranche A is priced at Libor plus 40bp per year. Tranche B is priced at Libor plus 75bp.
There is an extension option for Tranche A – up to 364 days from the original maturity date at the lenders” request.
Participant details are as follows:
Lead arrangers (Rabobank International) with takes of US$6mn or more receive 27.5bp flat for Tranche A; for takes of US$3mn at 50bp for Tranche B.
Arrangers: (Barclays Capital, Melli Bank, RZB) US$6mn at 27.5bp flat for A; US$3mn at 50bp for B.
Senior co-arrangers: (Bawag, Chang Hwa Commercial, Landesbank Baden-Wurttemberg) US$4mn at 25bp for A; US$2mn at 40bp for B.
Co-arrangers: (Ahli United, BSC, Arab Investment Company, Bayerische Landesbank Girozentrale, BRED Banque Populaires, DekaBank Deutsche Girozentrale, Erste Bank (Malta), FBN Bank UK, Landesbank Rheinland-Pfalz, Mashreq Bank, National Bank of Egypt, Nedbank) US$5mn at 25bp flat for A.
Lead managers: US$3.5mn at 20bp flat for A; US$2.5mn at 45bp flat for B (Union National Bank).
Manager: (Baden-Wurttembergische, Ghana International, Hua Nan Commercial) US$2mn at 15bp for A.