Baker McKenzie advises lenders on largest ever Syndicated Term Loan to the African Export-Import Bank
Baker McKenzie advised lenders led by Standard Chartered Bank on a new US$1.16 billion equivalent (US$632,900,000 and €499,552,000) Dual Tenor Dual Currency Syndicated Term Loan Facility to African Export-Import Bank (“Afreximbank”). The deal raised over US$1.3billion which, following a scale-back, resulted in a final facility size equivalent to US$1.16 billion, will be used to refinance Afreximbank’s existing US$458m and EUR406.5m Term Loan Facility dated 2015 as well as for trade financing and general corporate purposes.
Standard Chartered Bank led the general syndication and was also Documentation Agent and Facility Agent for the Facility. Arab Banking Corporation, Abu Dhabi Commercial Bank, Bank of Tokyo-Mitsubishi, Barclays Bank Mauritius Limited, Commerzbank Aktiengesellschaft, Emirates NBD Capital Limited, HSBC Bank plc, Industrial and Commercial Bank China Limited, Mizuho Bank, Ltd., National Bank of Abu Dhabi, Rand Merchant Bank, Standard Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation Europe Limited were Initial Mandated Lead Arrangers and Bookrunners (“IMLAB”). 35 international lenders* joined the general syndication.
Michael Foundethakis, Partner in Paris and EMEA Head of Banking & Finance, stated about the transaction: "This facility now surpasses that of 2015 as the largest syndicated term loan to Afreximbank. The increased interest and continued confidence shown by the market in Afreximbank is a great testament to the direction being taken by the management of the bank, particularly at a time when there is still a degree of uncertainty with respect to growth in most of the emerging markets."
Afreximbank is the leading pan-African multilateral financial institution devoted to financing and promoting intra- and extra-African trade.
The team of Baker McKenzie in Paris was led by Michael Foundethakis, Paris Partner and EMEA Head Banking & Finance for the Firm. The team consisted of Nicholas Macheras (Senior Associate, Paris), Mohamed Ghannam (Cairo, Partner), Lamyaa Gadelhak (Senior Associate, Cario) and Mostafa Lotayef (Associate, Cairo).