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TDB signs $450m Mideast-focused syndicated term financing

TDB signs $450m Mideast-focused syndicated term financing
The transaction is dually funded in US dollars and Euros

UAE– Mubasher: The Eastern and Southern African Trade and Development Bank (TDB) has successfully closed a Multi-Tranche Syndicated Term Financing, conventional and Islamic, worth $272 million and EUR 160.200 million, equivalent to a combined amount of $450 million.

The transaction reinforces TDB’s debut Middle East focused Conventional and Islamic syndication, which was concluded in December 2017, said a press release on Sunday.

Dually funded in US dollars and Euros, the facilities consist of 2-year and 3-year bullet repayment tranches as well as conventional and Islamic.

The resulting proceeds “will be utilised for refinancing purposes and for meeting TDB’s trade financing and general corporate requirements.”

The banks of Citi, Emirates NBD Capital Limited, First Abu Dhabi Bank (FAB), Mashreq Bank, and MUFG Bank acted as the transaction’s mandated lead arrangers (MLA) and bookrunners.

Moreover, "Mashreq Bank acted as the Structuring Bank and Documentation Agent, Emirates NBD Capital Limited acted as the Marketing and Roadshow agent, and FAB acted as the Global Agent, Conventional Facility Agent, [and] the Investment (Islamic) Agent in relation to the Facilities,” according to the statement.   

Initially launched at $250 million, the facility has seen “a strong response” from regional and international banks and was oversubscribed by 1.8 times, with the commitments received totalling $702 million. 

Commenting on this milestone, President of TDB, Admassu Tadesse, said, “The high oversubscription reveals the high levels of appetite for the TDB name. The participation in the transaction exceeded our expectations and we are very pleased with the excellent work of our financing partners. This will fuel our managed growth strategy and deepen the growing cooperation with institutional investors in the gulf region."