Global law firm White & Case LLP has advised Afreximbank and Credit Suisse as co-ordinators, Afreximbank, Credit Suisse, FirstRand Bank, Sumitomo Mitsui Banking Corporation and Africa Finance Corporation as mandated lead arrangers and bookrunners, and The Export-Import Bank of China as mandated lead arranger, on a US$1 billion term loan facility signed December 11, 2020 for Bank of Industry Limited, Nigeria.
"The Firm has been active in Nigeria for nearly 40 years and our experience is particularly valuable to our clients as Nigerian financial institutions continue to need hard currency liquidity from the global markets," said White & Case partner James Hardy, who led the Firm's deal team. "The global spread of the lender book across both commercial lenders and development finance institutions is aligned with our client base. It was also particularly appropriate, for a borrower which champions domestic and especially female-led businesses, that some of the talented female Nigerian nationals in our London team played a role in the execution of this deal."
This is the second successful loan syndication to Bank of Industry in 2020 and brought together nearly 30 African and international lenders. The deal represents the third loan for Bank of Industry on which White & Case has advised. It refinances the first transaction – an April 2018 US$750 million facility arranged by Afreximbank – and supports new lending to eligible borrowers.
The second transaction closed in March 2020. White & Case advised Afreximbank and Credit Suisse as co-ordinators, and Afreximbank, Credit Suisse, FirstRand Bank and Sumitomo Mitsui Banking Corporation as mandated lead arrangers, on a €750 million term loan facility, which was upsized in syndication to €1 billion.
The financings benefit from credit support from the Central Bank of Nigeria.
The Bank of Industry is Nigeria's oldest, largest and most successful development financing institution with a mandate to enable development in Nigeria's industrial sector.
The White & Case team in London which advised on the transaction was led by partner James Hardy and included associate Juanita Derex-Briggs. Nigerian law advice was provided by a team at G. Elias & Co led by partner Fred Onuobia.
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