Intercontinental Bank in Nigeria has signed a US$50.5mn trade-related syndicated term loan facility via initial mandated lead arranger and sole bookrunner ICICI Bank.
The facility proved popular in syndication, with the Nigerian bank originally approaching the market with a request of US$20mn. The proceeds of the deal will be used to finance the bank’s trade-related transactions.
Joining the transaction during syndication as mandated lead arrangers are Commerzbank, FBN Bank and The Mauritius Commercial Bank. Lead arrangers are Bank of Baroda, BankMuscat and Habib Bank. Bank of Beirut joins as an arranger.
In terms of capital, Intercontinental Bank is the largest bank in Nigeria. It has a capital base in excess of US$1.3bn and an asset size of US$5.3bn. Fitch has assigned the bank a rating of B+ while Standard and Poor’s has assigned it an international long-term rating of BB-.