Bank of Industry secures €1.42bn global syndication loan

The Bank of Industry says it secured €1.425 billion from the senior phase of its global loan syndication scheme.a 42.5 percent oversubscription from international financial markets.

“Previously, Bank of Industry had raised EUR 1,000,000,000 via a Term Loan syndicated facility In July 2022, which has been successfully repaid in July 2024,” the statement reads.“The performance of the syndication is a mark of confidence in the bank and indeed in the Nigerian economy by foreign investors who perceive a bright future for the country.”

According to the statement, the bank appointed the AFC and Standard Chartered Bank as the global coordinators for the €1 billion syndicated term loan facility .“Africa Finance Corporation, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Limited , acting through its Rand Merchant Bank division, Mashreqbank psc, SMBC Bank International pic, and Standard Chartered Bank were appointed as the initial mandated lead arrangers and bookrunners,” the BoI said.

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