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Africa Finance Company secures $625m syndicated mortgage

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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 p.c, reflective of the robust demand from buyers.

Banji Fehintola, senior director and treasurer of AFC, stated “the funds raised will assist AFC in furthering its mission of fostering financial progress and fast industrialisation throughout Africa, while guaranteeing optimum worth addition for the continent’s huge sources.

“Our capability to faucet world monetary markets regardless of difficult macroeconomic situations continues unabated, demonstrating investor confidence in AFC’s robust credit score threat profile and broadening world enchantment,” 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 buyers and world 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., Commonplace 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 p.c complete property progress to $10.5 billion and the company realising its five-year progress goal a yr early.

The company additionally revamped $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 tasks that mix optimistic social and environmental influence with superior risk-adjusted returns.


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