Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market

Must Read

How To Block Your Bank Account And SIM Card In Case Of Emergency

Losing your phone and wallet or having them stolen can be very frustrating. However, in case that happens to...

List of United Bank for Africa (UBA) Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number that usually identifies both the bank and the branch where an account is held. The sort...

List of Access Bank Sort Codes & Branches (with addresses) in Nigeria

The sort code is a number which usually identifies both the bank and the branch where an account is...
- Advertisement -

In line with the focus of President Muhammadu Buhari’s administration to revitalise Nigeria’s Industrial sector and create 10 million jobs by leveraging the Nigeria Industrial Revolution Plan and the Economic Recovery and Growth Plan, the Bank of Industry (BOI) has just successfully concluded a landmark US1bn loan syndication transaction.

The transaction is aimed at further improving the capacity of the bank to continue to effectively support Micro, Small, Medium and Large enterprises (across key sectors) of the Nigerian economy with affordable loans of medium to long-term, alongside moratorium benefits.

Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market Brandspurng

This transaction marks the third major international debt syndication deal successfully concluded by BOI within the last 3 years. In 2018, the bank raised the sum of US$750 million (Arranged by African Export-Import Bank “Afreximbank”) which has been fully repaid, and in March this year concluded a billion loan deal (Lead arranged by Afreximbank, Credit Suisse, Rand Merchant Bank and Sumitomo Mitsui Banking Corporation Europe Limited (SMBC).

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 subsequently joined as Mandated Lead Arrangers and Bookrunners, while the Export-Import Bank of China joined as a Mandated Lead Arranger.

- Advertisement -

Afreximbank acted as the Facility Agent and Security Trustee for the deal. We are pleased to report that 28 international financial institutions and funds participated in this transaction, which was initially launched at US$750m, but upsized to US$1bn due to over-subscription.

Key factors that led to the success of this deal despite the challenges presented by the COVID-19 pandemic include amongst others, the impressive credit ratings of the bank (long term issuer default rating of B with a stable outlook from Fitch, long term issuer rating of B2 from Moody’s and Aa from Agusto), its ISO certifications in both Quality Management Systems and Information Security, as well as the strong strategic partnership that the bank has developed with the Nigerian commercial banks, who patriotically continue to provide credit enhancements and de-risking tools to BOI customers.

Read Also:  Nigeria 2018 Outlook - No easy way out (Acta Non Verba)

Of particular and special note is the support of our owners (the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria), the Federal Ministry of Finance, Budget and National Planning and our supervising ministry, the Federal Ministry of Industry, Trade and Investment.

The Governor of the Central Bank of Nigeria and his Committee of Governors supported BOI by providing a full guarantee for the facility and a 100% currency swap to mitigate the foreign exchange rate risk.

- Advertisement -

The facility will be disbursed in Naira at single-digit interest rates to borrowers with bankable projects. Between 2015 and October 2020, the Bank of Industry with the support of its various stakeholders disbursed over 945 billion to 3,013,087 enterprises, thus creating over 6.87 million estimated direct and indirect jobs.

With the successful conclusion of this deal, the Board and management of Bank of Industry is confident that the bank is now better positioned to catalyze domestic production and facilitate job creation on a transformational scale, enhance local industry competitiveness, attract domestic and foreign investments, integrate our local industries into domestic, regional and global value chains, grow our export earnings and positively impact the overall economic development of Nigeria in line with its mandate and especially in light of the planned commencement of the African Continental Free Trade Agreement (AfCFTA) in January 2021.

- Advertisement -
Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand SpurBank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand Spur

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Read Also:  BOI Announce To Boost Entrepreneurship Deploying The Use Of Technology Hubs

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand SpurBank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand Spur

Latest News

SurveyMonkey to Report Q4 and Fiscal Year 2020 Financial Results on February 11, 2021

Jan. 21, 2021 - SurveyMonkey, a leader in agile software solutions for customer experience, market research, and survey feedback,...

Keeping an eye on Biden’s plans for Africa

President Joe Biden has been sworn into office, ushering in a new administration, new foreign policy and a new approach to US trade and...

The Trade Desk Appoints Benson Ho as Senior Vice President, North Asia

SHANGHAI, CHINA - Media OutReach - 22 January 2021 - Global advertising technology leader, The Trade Desk, today announced the appointment of Benson Ho as Senior Vice President of North Asia. In this role, Ho will lead the company's business and growth strategy in the North Asia region, covering Greater China, South Korea and Japan. Ho will report to Tim Sims, Chief Revenue Officer.

 

 Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand Spur

 

Ho brings vast leadership experience in the Asian media industry, most recently as Chief Data Strategy Officer at Tencent Marketing Solution, an important early inventory partner of The Trade Desk in China. Prior to that, he served as Amnet's chief consultant and programmatic expert to Dentsu Aegis Network. He has also served in senior leadership positions at Sizmek, GroupM and Digitas.

 

"One of The Trade Desk's biggest priorities is Asia, and with Benson joining our team, we're confident he will help accelerate our growth strategy in the region," said Tim Sims, Chief Revenue Officer, The Trade Desk. "Benson brings experience and expertise of data-driven advertising, as well as his invaluable relationships with key partners and advertisers, that are specific and unique to the Asian market. I look forward to partnering with Benson as we execute our next phase of growth in the region."

 

"I am delighted to join The Trade Desk and build on the success the company has had in North Asia," said Ho. "The advertising industry is at a turning point right now, and there's enormous opportunity for brands to leverage global best practices and connect with consumers in new ways. It's very exciting to be a part of the team that's delivering a unique solution and expertise to global advertisers in the region."


About The Trade Desk

The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand SpurTwitter, and LinkedIn. 

 

Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand Spur

DJ Khaled announced as International Host of the MAMAs Kampala 2021

Grammy® Award-winning global sensation, DJ and record executive, DJ Khaled, who is best known for his hip hop and R&B hit anthems, will be the international...

Entrepreneurialism alive and well in the time of the pandemic

Entrepreneurial spirit is up among women and younger adults. One-third of adults across the world show a very high level of entrepreneurial spirit, according to...
- Advertisement -
BrandsPur Weekly Cartoons
- Advertisement -Bank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand SpurBank of Industry Concludes N1bn Syndicated Term Loan in the International Market - Brand Spur