Africa Finance Corporation Continues Expansion into Asia with US$140 million Kimchi Term Loan Facility
Africa Finance Corporation (“AFC” or the “Corporation”), the leading investment-grade infrastructure solutions provider, today announces the closing of its inaugural US$140,000,000 Kimchi Term Loan Facility (“Facility”).
This Facility is AFC’s first Korean-focused instrument. It follows the Corporation’s US$233 million and JPY1 billion dual currency Samurai Term Loan Facility, closed in September 2019, and a US$300 million Loan Facility, through the Export-Import Bank of China. This is in addition to Asian investors’ purchase of 28% and 16% of AFC’s US$500 million and US$650 million Eurobond issuances, respectively, this year. Cumulatively, recent Asian investments (from China, Hong Kong SAR, Singapore, Malaysia, and Taiwan) into AFC have reached approximately US$1.2 billion equivalent.
The closing of the Kimchi Loan Facility, and all other Asian investments in AFC, exemplifies the Corporation’s success in global investor engagements and is an important step as it builds a broad coalition of investors to diversify its funding sources while also allowing institutions from around the globe to participate in Africa’s development. Proceeds from the Kimchi Term Loan Facility will be used for general corporate purposes in accordance with AFC's Establishment Agreement and the Charter.
Samaila Zubairu, President & CEO of AFC, commented: “We are very pleased to have achieved this historic milestone with the South Korean debt markets, which we know to have highly selective investment criteria, as was evidenced through this Kimchi Loan Facility. The success, close on the heels of the Samurai Loan Facility in Japan, signifies the East’s growing appetite for African investments, which are particularly attractive considering today’s negative-yield environment. We look forward to continued engagement with South Korea as well as the other Asian markets that understand the opportunity that is available through Africa’s unprecedented development.”
Banji Fehintola, Senior Director & Treasurer of AFC, added: “At AFC, we have always taken a diverse and forward-looking approach to funding. Asia is a very important region for us and the participation of Asian investors in our bond issuances has been growing significantly over time. The Kimchi and Samurai Loan Facilities that we closed this year further exemplify AFC’s wide market access and innovation in mobilising global capital to execute projects and transform the lives of people in Africa. We are very proud of our successes in Asia and we look forward to deepening our partnerships in the region.”
Shinhan Bank London Branch and South Africa’s Nedbank Limited, London Branch acted as Bookrunner and Mandated Lead Arrangers, KEB Hana Bank acted as Mandated Lead Arranger, NongHyup Bank was Lead Arranger, and First Abu Dhabi Bank PJSC was the Agent.
The Facility launched into general syndication 16 September 2019 and the loan agreement was signed 14 November 2019.
The Financial Times covered this story as an exclusive which you can see here: https://www.ft.com/content/61ddba9e-0acb-11ea-bb52-34c8d9dc6d84
Notes to Editors
About AFC - www.africafc.org
AFC, an investment grade multilateral finance institution, was established in 2007 with an equity capital base of US$1 billion, to be the catalyst for private sector-led infrastructure investment across Africa. With a current balance sheet of approximately US$5.07 billion, AFC is the second highest investment grade rated multilateral financial institution in Africa with an A3/P2 (Stable outlook) rating from Moody’s Investors Service. AFC successfully raised US$650 million in 2019, US$500 million in 2017 and US$750 million in 2015 through Eurobond issuances; out of its Board-approved US$3 Billion Global Medium-Term Note (MTN) Programme. All Eurobond issues were oversubscribed and attracted investors from Asia, Europe and the USA.
AFC’s investment approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth. AFC invests in high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. To date, the Corporation has invested over US$6.6 billion in projects within 30 countries across Africa.
Follow us on Twitter - @africa_finance
Senior Vice President, Communications
Tel: + 234 1 279 9600
Bobby Morse / Augustine Chipungu
Tel: +44 (0) 207 466 5000
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
ProteinQure Collaborates with AstraZeneca to Design Novel Peptide Therapeutics9.7.2020 11:00:00 EEST | Press release
ProteinQure, a leader in computational protein drug discovery, announces a collaboration with the global biopharmaceutical company AstraZeneca to apply structure-based design to the creation of therapeutic libraries with the aim of accelerating the research and development of peptide therapeutics. Peptide therapeutics have unique properties that make them highly effective against some disease targets outside the scope of traditional small molecule and antibody modalities. However, due to the number of peptide variations, very few of these potential therapeutics have been studied. Integrating high-accuracy biophysical models and machine learning, it is possible to explore this vast therapeutic space and design peptide libraries with broad applicability in drug discovery. The collaboration will leverage ProteinQure's expertise in computational methods and structure-based drug design. AstraZeneca will conduct experimental validation, drawing on the company’s extensive expertise in biologi
KCOM extends high-speed connectivity with ADVA’s packet edge solution9.7.2020 10:00:00 EEST | Press release
ADVA (FSE: ADV) today announced that KCOM has deployed its packet edge technology to support the extended rollout of super-fast full fiber broadband. Using the compact ADVA FSP 150 demarcation and aggregation device, the UK-based communication and IT service provider is delivering its gigabit-speed Lightstream services to tens of thousands more business and residential customers in the Yorkshire and Lincolnshire area. The high-density MEF 3.0-certified technology enables KCOM to smoothly transition from 1Gbit/s to 10Gbit/s services in its access network. ADVA’s packet edge solution also ensures that the new infrastructure is ready for 5G mobile services and can easily scale to 200Gbit/s. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200709005034/en/ ADVA is helping KCOM to build the UK’s first full-fiber city (Photo: Business Wire) “Our Lightstream service has already had a huge impact on businesses and in homes across this
Celebrity Stylist Tara Swennen and Glamhive Founder Stephanie Sprangers Once Again Bring Together Some of the Biggest Names from Around the World in Style, Fashion, Beauty and Women’s Empowerment for Groundbreaking Digital Event8.7.2020 23:20:00 EEST | Press release
Celebrity stylist Tara Swennen and Glamhive founder Stephanie Sprangers will once again bring together some of the biggest names from around the world in style, fashion, beauty and women’s empowerment for the Glamhive Digital Summer Bazaar—a groundbreaking digital event. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200708005857/en/ Adir Abergel, Celebrity Hair Stylist (Photo: Glamhive) During Glamhive’s first digital event, Glamhive LIVE Style Summit, audience members were asked to engage with panels through live, real-time question and answer sessions. The conversations ranged from intimate questions about how to break down gender barriers when starting a business to how to find ways to break in into business through marketing. Due to that event’s overwhelming success, Swennen and Sprangers decided to raise the bar for their next global event. “The style, beauty, and designer communities are a close-knit one; many of us h
International WELL Building Institute Opens Enrollment for WELL Health-Safety Rating In Response to COVID-19 With Significant Early Adoption8.7.2020 20:18:00 EEST | Press release
The International WELL Building Institute (IWBI) announced that enrollment has opened today for the WELL Health-Safety Rating for Facility Operations and Management, with more than 100 organizations and real estate portfolios across the globe already enrolled. Organizations across a wide range of industries and geographic locations have responded swiftly to implement the program’s science-backed guidance as they seek to instill confidence and trust among their staff, stakeholders and the broader community. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200708005768/en/ The WELL Health-Safety Rating is an evidence-based, third-party verified rating for all new and existing building and space types focused on operational policies, maintenance protocols, emergency plans and stakeholder engagement strategies to help organizations prepare their spaces for re-entry in a post COVID-19 environment. Adapted from features in the WELL
Croma-Pharma announces submission for their botulinum toxin to treat glabellar (frown) lines to the German authority BfArM8.7.2020 16:00:00 EEST | Press release
On July the 8th, Croma-Pharma GmbH (Croma) has stated that the company submitted the drug file of its botulinum toxin product to the German authority BfArM. The filing of the dossier stands for the next essential step towards Croma’s complete aesthetic portfolio in Europe, which already comprises of a comprehensive HA filler range, threads, PRP and skincare products. Croma has licensed the product from the Korean toxin producer Hugel Inc. for Europe and established a joint venture company in 2018 with Hugel, Inc., in order to develop and commercialize Croma’s HA filler products together with Hugel’s botulinum toxin product in the US, Canada, Australia and New Zealand. The filing to BfArM marks the first milestone in Croma’s approach to a European wide regulatory approval. “We are pleased to announce that our toxin has finally been submitted – since quite some time hence, a European company will launch a botulinum toxin, which makes us both, happy and proud. Combining our present produc
Esri President Jack Dangermond Addresses UN High Level Political Forum8.7.2020 16:00:00 EEST | Press release
Esri, the world leader in GIS, location intelligence, and mapping technology, today announced that its founder and president, Jack Dangermond, addressed the United Nations’ High Level Political Forum on Sustainable Development. His remarks to the assembly were delivered July 7th at the key annual meeting for UN and Member State review of the Sustainable Development Goals (SDGs) globally. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200708005264/en/ The United Nations Sustainable Development Goals (SDGs) are 17 goals with 169 targets that all 191 UN Member States have agreed to try to achieve by the year 2030. Even as the global community has come together to battle a raging pandemic, it continues to face multiple complex issues all related to the SDGs. The response to COVID-19 has demonstrated the power of data and technology to increase organizations’ effectiveness and impact. Esri users, such as Johns Hopkins University
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.Visit our pressroom