Nigeria’s Bank of Industry has concluded a $1 billion three-year syndicated loan to support businesses and revitalize the industrial sector in the country.
“The deal demonstrates the capacity of financial institutions to continue their vital activities during the pandemic and their positive attitude to African risks”, Afreximbank, which served as facility agent and security trustee, said in an emailed statement late Tuesday. It is the largest international syndicated loan raised by a local financial institution since coronavirus outbreak, it said.
The transaction, initially launched at $750 million, closed at $1 billion due to over-subscription with the participation of 28 financial institutions, BOI said in a release on its website. The strong credit ratings of the bank contributed to the success of the deal despite challenges posed by Covid-19, it said.
