Egypt-based African Export-Import Bank (Afreximbank) has successfully completed its first ever Samurai Syndicated Term Loan Facility, raising the equivalent of US$150 million, comprised of two tranches of JPY 6.2 billion and US$100 million. Bank of Tokyo Mitsubishi UFJ (MUFG) acted as sole Coordinator, Bookrunner, Facility and Documentation Agent Bank for the facility while Bank of Taiwan, Gunma Bank, Shikoku Bank and Mitsubishi UFJ Trust and Banking all joined the Facility in the primary phase. The Facility had initially been for the equivalent of US$100 million, with the two tranches at JPY4 billion and USD70 million, but had incorporated an accordion feature in order to accommodate further regional investors. The new totals followed the activation of the accordion feature which saw the participation rise to seven banks. Two new banks, Bank of Yokohama and Joyo Bank, acceded to the accordion while two banks, which participated in the initial stage, increased their participations. At the ceremonial signing held in Tokyo on 2 November, Denys Denya, Afreximbank Executive Vice President for Finance, Administration and Banking Services, welcomed the high participation in the facility as a reflection of the willingness of those institutions to support the cause of development in Africa. He took the opportunity of the event to brief the Japanese lenders about Afreximbank's performance in 2017 and the Bank's strategy as well as to update them on its 2017 general fundraising plans. Mr. Denya announced that the proceeds of the Facility would be used towards general corporate and trade related purposes. The all-pricing for the Facility is 1.8 per cent per annum for the USD tranche and 0.80 per cent for the JPY tranche. Accompanying Mr. Denya to the signing ceremony from Afreximbank were Chandi Mwenebungu, Treasurer; Yomna Rashed, Manager, Treasury; and Enga Innocent Kameni, Manager, Legal Services. Eighteen banks attended the signing ceremony. Source: Africa business communities
