BOI SIGNS $1BN LOAN SYNDICATION

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Mr. Olukayode Pitan, MD, BOI

In fulfillment of President Muhammadu Buhari’s commitment to revive Nigeria’s Industrial sector and create 10 million jobs by leveraging on the Nigeria Industrial Revolution Plan and the Economic Recovery and Growth Plan, the Bank of Industry (BOI) has successfully concluded a landmark US1bn loan syndication deal.

The transaction which marks the bank’s third major international debt syndication is aimed at strengthening the capacity of the bank to effectually support Micro, Small, Medium and Large enterprises of the Nigerian economy with affordable loans of medium to long-term, alongside moratorium benefits.

The bank had in 2018 raised the sum of US$750 million that was fully repaid and in 2020 concluded a US$1 billion loan deal which was arranged by Afreximbank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation Europe Limited (SMBC).

While Afreximbank and Credit Suisse acted as Co-ordinating Mandated Lead Arrangers, Underwriters and Bookrunners of the transaction, Africa Finance Corporation, First Rand (Rand Merchant Bank) and Sumitomo Mitsui Banking Corporation were the Mandated Lead Arrangers and Bookrunners.

The Export-Import Bank of China joined as a Mandated Lead Arranger and Afreximbank acted as the Facility Agent and Security Trustee for the deal.

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