Paris, June 9, 2017 Baker McKenzie has advised the lenders, coordinated by Standard Chartered Bank, in the framework of a new syndicated term loan dual tenor dual currency in the amount of 632,9 million and 499,552 million euros contracted by the African development Bank Export-Import (” Afreximbank “). The loan, which has helped to raise initially $ 1.3 billion and was subsequently reduced to an amount of $ 1.16 billion, is intended to refinance an existing loan in the amount of $ 458 million and 406,5 million euros in 2015 and to fund the activities of trade finance and the general needs of Afreximbank.
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The banking syndicate was co-ordinated by Standard Chartered Bank which also acted as Documentation Agent and Facility Agent. Arab Banking Corporation, Abu Dhabi Commercial Bank, Bank of Tokyo-Mitsubishi, Barclays Bank Mauritius Limited, Commerzbank Aktiengesellschaft, Emirates NBD Capital Limited, HSBC Bank plc, Industrial and Commercial Bank China Limited, Mizuho Bank, Ltd., National Bank of Abu Dhabi, Rand Merchant Bank, Standard Bank, Standard Chartered Bank and Sumitomo Mitsui Banking Corporation Europe Limited are involved as Initial case the exercise Lead Arrangers and Bookrunners (” IMLAB “). The banking syndicate consisted of a total of 35 international lenders.
Michael Foundethakis, Associated with Paris and Responsible of the teams of Bank & Finance in the EMEA region, has reported about the conclusion of the operation : “The syndicated loan is now in excess of that of 2015 and becomes the largest ever contracted by Afreximbank. The increased interest and continued confidence in the market for Afreximbank is a satisfactory conclusion to the strategy of the management of the bank, especially at a time where there is some uncertainty about growth in emerging markets. ”
The Bank African Import-Export (Afreximbank) is a multilateral institution, a pan-african financial’s mission is to finance, promote and develop trade between the countries of Africa and with other regions of the world.
The team of Baker McKenzie was led in Paris by Michael Foundethakis, Associated with Paris and Responsible of the teams of Bank & Finance in the EMEA region. The team consisted of, in Paris, Nicholas Macheras, senior associate, as well as in Cairo, Mohamed Ghannam, Partner, Lamyaa Gadelhak, Associate, senior, and Mostafa Lotayef, a Contributor.
*Case the exercise Lead Arrangers: AKA European Export and Trade Bank, Axis Bank Limited, Bank of China Limited, Bank of Taiwan, London Branch, Banque Misr SAE Commercial Bank of Kuwait K. P. S. C., The Export-Import Bank of China, First Commercial Bank and State Bank of India.
Lead Arrangers Chang Hwa Commercial Bank Ltd, Hua Nan Commercial Bank, Ltd., Land Bank of Taiwan and Mega International Commercial Bank Co., Ltd.
Arrangers: Barclays Bank Egypt S. A. E., The Export-Import Bank of the Republic of China, Ghana International Bank plc, KEB Hana Bank London, The Shanghai Commercial & Savings Bank, Ltd. and Taipei Fubon Commercial Bank Co., Ltd.
Participants: Federated Project and Trade Finance Core Fund, Kexim Asia Limited.
About Baker McKenzie
Founded in 1949, Baker McKenzie is a firm of business lawyers international grouping of over 6,000 lawyers and have experience in international based in 77 cities of 47 countries. Paul Rawlinson is Chair of the Firm’s executive Committee (www.bakermckenzie.com). Paris, Baker & McKenzie SCP has 26 partners and 170 lawyers and specialist lawyers in every major discipline of business law.
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