AFC seals US$300mn loan

AFC seals US$300mn loan

Published: January 3, 2015

African DFI's secondary market syndication takes total commitments to US$636mn from 22 banks.

Africa Finance Corporation (AFC), a multilateral development finance institution, has raised US$300mn from a dual-tranche club facility, with a secondary-market syndication taking orders past US$636mn.

The initial facility includes tranches of two- and three-year loans each worth US$150mn. Mandated lead arrangers and bookrunners were Bank of Tokyo-Mitsubishi UFJ, Citi, Deutsche Bank, FirstRand Bank, Standard Bank and Standard Chartered Bank, each of which committed US$50mn to the facility.

A secondary market syndication of the facility attracted new commitments of US$336.5mn from 16 lenders: Industrial and Commercial Bank of China, Commercial Bank of Kuwait, Korea Development Bank, Burgan Bank, Tunis International Bank, First Gulf Bank, Bank of China, State Bank Of India, Banque des Mascareignes, Commercial Bank of Qatar, The Export-Import Bank of the Republic of China, Korea Exchange Bank, Al Ahli Bank of Kuwait, First Commercial Bank, Mega International Commercial Bank Co and United Taiwan Bank.