{"id":171248,"date":"2024-01-13T14:41:50","date_gmt":"2024-01-13T13:41:50","guid":{"rendered":"https:\/\/newmail-ng.com\/?p=171248"},"modified":"2024-01-13T14:41:50","modified_gmt":"2024-01-13T13:41:50","slug":"afreximbank","status":"publish","type":"post","link":"https:\/\/newmail-ng.com\/afreximbank\/","title":{"rendered":"Afreximbank, UBA announce an initial disbursement of $2.25bn under a syndicated $3.3bn crude oil prepayment facility"},"content":{"rendered":"<div>African Export-Import Bank (Afreximbank) has successfully arranged a syndicated US$3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL). An initial disbursement of US$2.25 million has been made. A second tranche of US$1.05 million is expected to be disbursed subsequently.<\/div>\n<div><\/div>\n<div>United Bank for Africa Plc (UBA) acted as the Local Arranger and Onshore Account Bank for the transaction, which is expected to ease foreign exchange illiquidity and stabilise the Nigerian currency market. The transaction is seen as a significant further step in unleashing Nigeria\u2019s economic potential.<\/div>\n<div><\/div>\n<div>This landmark financing is Nigeria&#8217;s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023.\u00a0 The 5-year facility carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR). The transaction structure has an embedded price balance mechanism where 90% of all excess cash from the sale of the committed barrels (after debt service) will be released to the borrower, while the balance of 10% will be used to prepay the facility, effectively shortening the final maturity of the facility and freeing cashflow from future pledged cargoes for use by Nigeria.<\/div>\n<div><\/div>\n<div>\n<figure id=\"attachment_170816\" aria-describedby=\"caption-attachment-170816\" style=\"width: 696px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/01\/IMG-20240108-WA0005-e1704748281989.jpg\"><img loading=\"lazy\" loading=\"lazy\" decoding=\"async\" class=\"size-large wp-image-170816\" src=\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/01\/IMG-20240108-WA0005-757x1024.jpg\" alt=\"Oliver Alawuba\" width=\"696\" height=\"941\" \/><\/a><figcaption id=\"caption-attachment-170816\" class=\"wp-caption-text\">Oliver Alawuba<\/figcaption><\/figure>\n<\/div>\n<div>The initial participating lenders are Afreximbank, Africa\u2019s multilateral trade finance institution, Gunvor International BV, a Geneva-based multinational energy and commodities trading company and Sahara Energy Resources Limited, an African-owned, leading international energy and infrastructure conglomerate.<\/div>\n<div><\/div>\n<div>Afreximbank\u2019s extensive structuring and technical experience in arranging similar complex oil &amp; gas financing facilities in Angola, the Republic of Congo, South Sudan, Chad Egypt, Cote d\u2019Ivoire. Ghana, etc., was brought to bear in the successful closure of the facility, notwithstanding a very challenging market environment. The bank acted as Sole Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent.<\/div>\n<div><\/div>\n<div>Lauding the successful financial close, Afreximbank President and Chairman of the Board of Directors, Prof. Benedict Oramah, explained that \u201cthis facility further demonstrates the Bank\u2019s commitment to supporting African economies when such assistance is most needed. Afreximbank stands by its member countries in good and in difficult times. The disbursement of the initial US$ 2.25 billion under the facility will support Nigeria\u2019s long-term economic stability, ease access to import financing for raw materials and essential goods, support industrialization and trade development efforts.\u00a0 We are pleased that despite the typical year-end pressures, our partners and investors committed the funds required in record time.\u00a0 We thank them for their support.\u201d.<\/div>\n<div><\/div>\n<div>The NNPCL Group Chief Executive Officer, Mele Kolo Kyari, commented on this landmark transaction, noting that \u201cthe proceeds of the facility have been made available to the Federal Republic of Nigeria as one of the strategies to improving macro-economic stability.\u00a0 The participation of global, international and regional syndication firms is a further testament to the lending market\u2019s appetite for financing sponsored by NNPCL and signifies solid market confidence in Nigeria.\u201d<\/div>\n<div><\/div>\n<div>The Group Managing Director\/CEO, United Bank for Africa (UBA), Oliver Alawuba said that \u201cUBA is delighted to participate in this transaction, which demonstrates once again UBA\u2019s commitment to providing necessary interventions and solutions towards addressing economic issues in Nigeria and across Africa.\u00a0 UBA has a track record of structuring and participating in significant resource-based transactions, leveraging its global network and dollar balance sheet.\u00a0 Similar transactions include the DRC deal, the Kenyan deal, and the Senegal SAR Orion deal with Afreximbank.\u201d<\/div>\n<div><\/div>\n<div>United Bank for Africa Plc is a leading pan-African financial institution, offering banking services to more than twenty-seven (27) million customers across 1,000 business offices and customer touch points in 20 African countries. With a presence in New York, London, Paris, and Dubai, UBA is connecting people and businesses across Africa through retail, commercial, and corporate banking, innovative cross-border payments and remittances, trade finance and ancillary banking services.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Nigeria&#8217;s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023<\/p>\n","protected":false},"author":299,"featured_media":170815,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,15,2],"tags":[11221,50258,59419,52373,49592,1658],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Afreximbank, UBA announce an initial disbursement of $2.25bn under a syndicated $3.3bn crude oil prepayment facility | New Mail Nigeria<\/title>\n<meta name=\"description\" content=\"Nigeria&#039;s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/newmail-ng.com\/afreximbank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Afreximbank, UBA announce an initial disbursement of $2.25bn under a syndicated $3.3bn crude oil prepayment facility | New Mail Nigeria\" \/>\n<meta property=\"og:description\" content=\"Nigeria&#039;s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023\" \/>\n<meta property=\"og:url\" content=\"https:\/\/newmail-ng.com\/afreximbank\/\" \/>\n<meta property=\"og:site_name\" content=\"New Mail Nigeria\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/pages\/NewMailNG\/156576314503603\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-13T13:41:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/01\/UBA-Plc-e1704747954521.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"777\" \/>\n\t<meta property=\"og:image:height\" content=\"860\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Adebisi Aikulola\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@NewMailNG\" \/>\n<meta name=\"twitter:site\" content=\"@NewMailNG\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Adebisi Aikulola\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/newmail-ng.com\/afreximbank\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/newmail-ng.com\/afreximbank\/\"},\"author\":{\"name\":\"Adebisi Aikulola\",\"@id\":\"https:\/\/newmail-ng.com\/#\/schema\/person\/3b02a0d7216d2e06d63d60ec7c8f4048\"},\"headline\":\"Afreximbank, UBA announce an initial disbursement of $2.25bn under a syndicated $3.3bn crude oil prepayment facility\",\"datePublished\":\"2024-01-13T13:41:50+00:00\",\"dateModified\":\"2024-01-13T13:41:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/newmail-ng.com\/afreximbank\/\"},\"wordCount\":650,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/newmail-ng.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/newmail-ng.com\/afreximbank\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/newmail-ng.com\/wp-content\/uploads\/2024\/01\/UBA-Plc-e1704747954521.jpg\",\"keywords\":[\"Afreximbank\",\"Mele Kyari\",\"NNPCL\",\"Oliver Alawuba\",\"Prof. Benedict Oramah\",\"UBA Plc\"],\"articleSection\":[\"Business &amp; 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