African Export-Import Bank (Afrexim) has launched general syndication of its $85m three year revolver through mandated lead arrangers Bank of Tokyo-Mitsubishi, KBC, Natexis Banques Populaires, Standard Chartered, WGZ Bank and WestLB.
Bawag Bank, Melli Bank and Rabobank joined the transaction at the senior level as arrangers.
Arrangers receive 60bp for commitments of $5m, co-arrangers get 50bp for $4m and lead managers 40bp for $2m. The deal pays a margin of 75bp over Libor and has a commitment fee of 40% of the margin.
Proceeds are for general corporate purposes. Afrexim was last in the market in October with a $180m term loan.
