Thursday 03 february 2022 - 5:55:10 am

Dual tranche syndication by Trade & Development Bank concluded


DUBAI, 30th January 2018 (WAM) -- The Eastern and Southern African Trade and Development Bank, commonly known as TDB, one of the fastest growing investment grade rated multilateral development financial institutions in Africa, successfully completed a US$ 332 million equivalent Dual Tranche (Conventional and Islamic) Dual Currency Syndicated Term Facilities on 20th December, 2017, it was announced today. It is the first-ever Islamic debt borrowing for TDB.

The Bujumbura, Burundi based bank is an African regional development financial institution established in 1985 and is an institution of the Common Market for Eastern and Southern Africa, COMESA.

The launch amount of the transaction was US$ 200 million but the commitments received amounted to the equivalent of US$ 332 million, a 150% over-subscription level, demonstrating the strong international appetite for TDB's name.

"We are really delighted by the outcome of this debut financing in the Middle East region," Admassu Tadesse, TDB President & CEO, said following the facility signing.

The transaction was arranged by Emirates NBD Capital Limited ("ENBD"), First Abu Dhabi Bank PJSC ("FAB"), Mashreqbank PSC ("Mashreq"), and The Bank of Tokyo-Mitsubishi UFJ, Ltd ("MUFJ"). as the Mandated Lead Arrangers and Bookrunners. ENBD was the Structuring Bank and Documentation Agent, FAB was the Global Agent, Conventional Facility Agent and the Investment (Islamic) Agent, and Mashreq was the Marketing and Roadshow Agent.

Abu Dhabi Commercial Bank was a Mandated Lead Arranger, with Lead Arrang3ers including Commercial Bank of Dubai, the National Bank of Ra’s al-Khaimah, Canara Banki and the Islamic Corporation for the Development of the Private Sector. Arrangers were United Arab Bank, Al Ahli Bank of Kuwait, Bank Muscat, Banque Misr (Paris branch) and Misr Bank – Europe.

Thanking the financing partners, Tadesse added, "We certainly look forward to developing further financial cooperation and partnerships in the Middle Eastern Region."

The transaction was TDB’s debut Middle East focused syndication.

The facilities are structured as a 2 years bullet term facilities denominated in US$ and EUR. The proceeds of the Islamic and Conventional tranches will be used towards Sharia complaint investments/ financings and general corporate purposes respectively.

WAM/PH

WAM/Esraa Ismail