Afreximbank raises first samurai term loan
The African Export-Import Bank (Afreximbank) has raised the equivalent of US$150mn in its first ever samurai syndicated term loan. The facility comprises two tranches of ¥6.2bn and US$100mn, priced at 0.8% and 1.8% respectively.
It will be used by the bank for general corporate and trade-related purposes.
Bank of Tokyo Mitsubishi-UFJ (MUFG) acted as sole coordinator, bookrunner, facility and documentation agent, with Bank of Taiwan, Gunma Bank, Shikoku Bank and Mitsubishi UFJ Trust and Banking all joining the facility in the primary phase.
The loan had initially been for the equivalent of US$100mn, with the two tranches at ¥4bn and US$70mn, but had incorporated an accordion feature to accommodate further regional investors.
The activation of the accordion feature saw participation rise to seven banks, and the final amount significantly increased. Two new banks, Bank of Yokohama and Joyo Bank, acceded to the accordion while two banks involved in the initial stage upped their commitments.
Denys Denya, Afreximbank executive vice-president for finance, administration and banking services, has welcomed the high participation in the facility as a reflection of the willingness of the institutions to support the cause of development in Africa.
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