Africa Finance Company (AFC), an infrastructure options supplier on the continent stated it has secured a $625 million syndicated mortgage with new lenders from the Center East and Asia.
The transaction was upsized from an initially deliberate $500 million following an oversubscription of 61 %, reflective of the sturdy demand from traders.
Banji Fehintola, senior director and treasurer of AFC, stated “the funds raised will assist AFC in furthering its mission of fostering financial development and fast industrialisation throughout Africa, while making certain optimum worth addition for the continent’s huge sources.
“Our capacity to faucet international monetary markets regardless of difficult macroeconomic circumstances continues unabated, demonstrating investor confidence in AFC’s sturdy credit score danger profile and broadening international attraction,” Fehintola stated.
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In a transfer to additional diversify its debt profile, AFC’s first-time lenders are Gulf Financial institution, Nationwide Financial institution of Ras Al-Khaimah, China CITIC Financial institution Company, Qatar Nationwide Financial institution, Doha Financial institution and Industrial Financial institution of Korea Restricted who joined the syndicate to strengthen the company’s coalition of traders and international capital market entry.
Consequently, First Abu Dhabi Financial institution PJSC, FirstRand Financial institution Restricted (London Department), ICBC (London) Plc., Mashreqbank PSC (acted as agent), MUFG Financial institution, Ltd., Customary Chartered Financial institution, and SMBC Financial institution Worldwide Plc acted as mandated lead arrangers and bookrunners on this three-year syndicated mortgage.
In its newest monetary yr, AFC recorded 23 % whole property development to $10.5 billion and the company realising its five-year development goal a yr early.
The company additionally remodeled $1.5 billion in internet borrowings in 2022, increasing bilateral relationships within the worldwide mortgage market to diversify its funding sources.
AFC’s footprint spans 40 member nations throughout Africa and a pipeline of initiatives that mix optimistic social and environmental influence with superior risk-adjusted returns.