The National Bank of Abu Dhabi PJSC (NBAD), as sole coordinator and facility agent, has successfully closed a $ 250,000,000 term loan facility for the African Export-Import Bank with Abu Dhabi Commercial Bank PJSC, Al Ahli Bank of Kuwait K.S.C.P, Al Khalij Commercial Bank (al khaliji) Q.S.C., Barclays Bank Mauritius Limited, International Banking, First Gulf Bank PJSC, along with NBAD, as mandated lead arrangers.
The facility carries a margin of 1.60 percent p.a. over USD Libor, and has a maturity of two years.
The proceeds of the facility will be used to partially repay existing bond issuance, trade finance and general corporate purposes.
Afreximbank provides financing to African private and public-owned enterprises, with no direct lending to governments.
The bank’s history of strong recoveries and its dual recourse lending have kept historic credit performance at levels superior to those of financial institutions operating in similar environments.
Afreximbank enjoys a supranational status that mitigates country risk for lending through it to African entities. That status was recognised and registered on April 10, 1997, in accordance with Article 102 of the Charter of the United Nations.
The bank has the status of preferred creditor in its member countries and enjoys investment grade credit ratings of BBB-/Baa2 from Fitch and Moody’s, respectively.
