Afreximbank secures term loan

Afreximbank secures term loan

Published: December 2, 2014

Trade-finance institution raises US$250mn from Middle Eastern and African banks.

The African Export-Import Bank (Afreximbank) has secured a US$250mn term loan from Middle Eastern and African banks.

The bank, which specialises in trade-finance deals for African businesses, will use the proceeds to repay an outstanding bond as well as fund upcoming deals. The loan is priced at 1.6% over US$ Libor.

The deal was arranged by National Bank of Abu Dhabi as sole coordinator and facility agent. The bank was joined by Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Al Khalij Commercial Bank, Barclays Bank Mauritius and First Gulf Bank as mandated lead arrangers.