Mandated arrangers Dresdner Kleinwort Wasserstein, KBC, Standard Chartered and WestLB have signed a US$50mn 364-day facility for the African Export and Import Bank (Afreximbank) that has been increased to US$85mn.

Proceeds will be used to pre-finance export contracts.

Four levels of participation were under offer: arrangers for US$7.5mn at 30bp (Natexis Banques Populaires, RZB and WGZ-Bank); co-arrangers for US$5mn at 25bp (Ahli United Bank, Bank of Tokyo-Mitsubishi, Bank Serah International, Commercial International Bank, DZ Bank, ING, Landesbank Baden-W írttemberg, LB Kiel, MashreqBank, Nedcor Bank, Rabobank and Union National Bank); lead managers for US$3.5mn at 20bp (Bawag); and managers for US$2mn at 15bp (Finnish Fund for Industrial Cooperation, Ghana International Bank, Hua Nan Commercial Bank and Tunis International Bank). The margin is 45bp over Libor.

The credit carries an extension option of up to 364 days from the original maturity date at the lenders’ discretion.