The Bank of Industry (BoI), has stated that it secured €1.425 billion from the senior phase of its global loan syndication scheme.
BoI, also said the loan is largest in its history and rep- resents a 42.5 percent oversub- scription from international financial markets.
The bank said the facility includes a fully and partially guaranteed tranche by the Afri- ca Finance Corporation (AFC).
“Previously, Bank of Indus- try had raised EUR 1,000,000,000 via a Term Loan syndicated fa- cility 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 econ- omy by foreign investors who perceive a bright future for the country.”
The BoI noted that the pro- ceeds of the loan would help to finance a growing demand for its funds across 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 (with an accordion of another €1 billion).
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“Africa Finance Corpora- tion, African Export-Import Bank, First Abu Dhabi Bank PJSC, FirstRand Bank Lim- ited (London Branch), acting through its Rand Merchant Bank division, Mashreqbank psc, SMBC Bank Internation- al pic, and Standard Chartered Bank were appointed as the initial mandated lead arrang- ers and bookrunners,” the BoI said.
“Absa Bank Limited (act- ing through its corporate and investment banking division) and its affiliates and Export-Im- port Bank of India London Branch have also joined the fa- cility as initial mandated lead arrangers.”
The bank said it is look- ing forward to a successful conclusion of the ongoing general phase, given the level of interest expressed by local
and international banks and investors.
Olasupo Olusi, managing director and chief executive of- ficer (CEO) of the bank, while speaking on the transaction, at- tributed the achievement to the hard work and dedication of the institution’s management.
“This the largest syndica- tion in the Bank’s history and is testament to the hard work and dedication of the man- agement of Bol to ensuring that much needed low interest and longer tenured funds are available to Nigeria’s growing private sector in line with the vision of his excellency Pres- ident Bola Ahmed Tinubu,” Olusi said.
“We are grateful for the sup- port received from the CBN and other agencies of govern- ment.”
Olusi, assured that the bank, under his leadership, would continue to work with global development financial institutions to ensure better loan terms for Nigeria’s private enterprises.
