BOC contributes to $632 million syndicated loan tranche to Afreximbank for trade financing, general corporate, and refinancing purposes in May 2017 (Linked to Record ID#92380, #92383, #92385, #92395, #92396, and #92397)

Project narrative

On May 30, 2017, the African Export-Import Bank (Afreximbank) signed a $1.16 billion syndicated loan facility agreement with a group of 35 banks for trade financing and general corporate purposes. The loan consisted of two tranches: a $632 million tranche with a maturity length between two and three years and an interest rate of LIBOR plus a 1.25% to 1.40% margin and an EUR 561 million ($528 million) tranche with a maturity length of three years and an interest rate of EURIBOR plus a 1.3% margin. The proceeds were to be used to repay existing debt and to fund trade finance and general corporate purposes. Standard Chartered Bank served as coordinator, bookrunner and agent for the facility and was supported by 13 initial mandated lead arrangers and bookrunners. These are: Bank ABC (Arab Banking Corporation B.S.C.); Abu Dhabi Commercial Bank PJSC; The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Barclays Bank Mauritius Limited; Sumitomo Mitsui Banking Corporation Europe Ltd.; Commerzbank Aktiengesellschaft Filiale Luxemburg; Emirates NBD Capital Limited; Rand Merchant Bank, a division of FirstRand Bank Limited (London Branch); HSBC Bank plc.; ICBC (London) plc.; Mizuho Bank Ltd.; National Bank of Abu Dhabi PJSC; and The Standard Bank of South Africa Limited, Isle of Man Branch. The 13 initial mandated lead arrangers and bookrunners were joined at the general syndication stage by AKA Ausfuhrkredit; Axis Bank; Bank of China; Bank of Taiwan; Banque Misr; Commercial Bank of Kuwait; Export-Import Bank of China; First Commercial Bank; State Bank of India; Chang Hwa Commercial Bank; Land Bank of Taiwan; Mega International Commercial Bank Co.; Shanghai Commercial and Savings Bank; Barclays Bank Egypt; Ghana International Bank; KEB Hana Bank; Taipei Fubon Commercial Bank; The Export – Import Bank of the Republic of China; Export-Import Bank of Korea; and Federated Investors, Inc. as mandated lead arrangers and arrangers. This project captures ICBC's contribution to the EUR 561 million tranche. Linked Record ID#92395 captures China Eximbank's contribution. Linked Record ID#92397 captures BOC's contribution. Linked Record ID#92380 captures China Eximbank's contribution to the $632 million tranche. Linked Record ID#92383 captures ICBC's contribution. Linked Record ID#92385 captures BOC's contribution.