The Africa Export-Import Bank (Afreximbank) raised $2 billion via a three-year dual-tranche syndicated loan, its largest-ever such transaction, it said on Monday.
- The issue raised $1.73 billion and 228 million euros, the Cairo-based lender said in a statement, which it will use to refinance existing facilities and cover general expenditures.
- The bank initially aimed to raise $1.5 billion, but lifted the total due to strong investor demand, it said. It did not provide a cost for the loan.
- A total of 31 lenders from Europe, the Middle East, Asia, and Africa participated in the deal.
- Mashreqbank PSC, MUFG Bank and Standard Chartered Bank acted as joint global coordinators, lead arrangers and bookrunners in the transaction.
- Afreximbank has clashed with some in the international financial community over whether it has “preferred creditor status” or must take losses on loans to debt-defaulted countries, including Ghana and Zambia.
- Earlier this year, it severed ties with credit ratings firm Fitch, citing a “firm belief” that the agency’s rating approach no longer reflected an understanding of the bank’s mission and mandate.
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