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Home Finance

AFC raises US$400M for critical infrastructure in Africa

FurtherAfrica by FurtherAfrica
January 28, 2022
in Africa, Finance
Reading Time: 2 mins read
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Africa Finance Corporation, Africa’s leading infrastructure solutions provider, has raised USD$400 million in a new syndicated loan to support the post-pandemic recovery through critical development of infrastructure.

The three-year facility – the first from AFC since 2018 – was increased from an initial target of USD$300 million as strong interest from investors led to the offering being 2.5 times oversubscribed. The proceeds will facilitate upcoming infrastructure projects that address the continent’s developmental challenges.

“The transaction demonstrates the confidence of banking partners, both old and new, in AFC’s strong credit risk profile and broadening global appeal in the capital markets,” said Banji Fehintola, Senior Director & Treasurer at AFC. “This loan will be instrumental in working towards plugging the infrastructure gap we are facing on this continent, especially following the damaging effects of the Covid-19 pandemic. We remain committed to partnering with experienced, like-minded organizations to provide sustainable finance for infrastructure development in Africa, while achieving the lowest borrowing costs of any institution on the continent.”

Moody’s recently improved its outlook for AFC’s investment grade credit ratings to ‘stable.’ Its senior unsecured ratings at A3 and short-term issuer ratings at P-2 are the second highest of any institution in Africa.

Also read: UK signals West African expansion at Africa investment conference

New relationships forged with the diverse pool of international investors behind the syndicated loan will enable flexible financial instruments and further diversification of AFC’s investment portfolio.

Absa Bank Limited (acting through its Corporate and Investment Banking division), Bank of China Limited, London Branch, First Abu Dhabi Bank PJSC, ICBC (London) plc, Mashreq Bank PSC, MUFG Bank Ltd, Nedbank Limited, London Branch, Rand Merchant Bank, a division of FirstRand Bank Limited, London Branch, Standard Chartered Bank and SMBC Bank International plc, acted as Bookrunners and Mandated Lead Arrangers (“BMLAs”), whilst Korea Development Bank and Standard Bank of South Africa acted as Mandated Lead Arrangers (“MLAs”). MUFG Bank Ltd and ICBC (London) plc also acted as Facility Agent and Documentation Agent respectively.

Related

Source: Africa Finance Corporation
Tags: ABSA Bank LimitedAFCAFC raises US$400M for critical infrastructure in AfricaafricaAfrica Finance CorporationBanji FehintolaBank of Chinabanking partnersBMLAscapital marketscontinent’s developmental challengesCorporate and Investment BankingFinancefinancial instrumentsFirst Abu Dhabi Bank PJSCFirstRand Bank LimitedICBCInfrastructureinternational investorsinvestment portfolioKorea Development BankLondon BranchMashreq Bank PSCMUFG BankMUFG Bank LtdNedbank Limitedpost-pandemic recoveryRand Merchant BankSMBC Bank International plcStandard Bank of South AfricaStandard Chartered Bankstrong credit risk profilesustainable finance for infrastructure developmentафрикаأفريقياアフリカ非洲
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Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

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