Africa Loans

With oil less than half the price it was last year, African borrowers are being driven into the loan market for funding. Angolan oil company Sonangol is the prime example, according to one of the firm’s relationship banks, and more are close behind. Elly Whittaker reports.

Sonangol is already in the market for its second international loan of the year and the oil firm will come back for a third syndicated deal before year end, according to a banker at one of Sonangol’s relationship banks.

Ghana National Cocoa Board’s (Cocobod) annual loan syndication has closed oversubscribed and with a margin of around 60bp, the same as the deal it signed in 2014.

Nigeria’s Skye Bank is looking for a one year loan led by Dubai's Mashreqbank, according to a loan banker.

Angolan state oil company Sonangol is back in the market for a syndicated loan, led by Standard Chartered.

Amaya — Africell — Turkish Airlines — Ashtead

A recent $150m loan for Sub-Saharan-based telecommunications firm Africell has a four year tenor, bankers close to the deal have revealed.

Africell, the Sub-Saharan-based telecommunications firm owned by Lebanon's Lintel Group, has signed a $150m syndicated loan with local and international lenders.

Deals for the Kenya Pipeline Company and the Itare Dam project provided a boost for the Kenyan infrastructure sector, but these types of deals move in slow motion according to bankers.

After a long time working on the deal, Kenya Pipeline Co has completed its $350m 10 year loan.

Italian construction firm CMC Ravenna has raised €306m from BNP Paribas and Intesa Sanpaolo to build the Itare Dam in Kenya, with most of the funds guaranteed by Italian export credit agency SACE.

African Export-Import Bank has named the banking group Afreximbank for its completed syndication of a $458m and €406m dual tranche term loan, its largest ever.