Mubasher: The Eastern and Southern African Trade and Development Bank (TDB) on Tuesday announced raising a $332 million facility.
The launch amount for the launch was $200 million, but because of Moody’s recent TDB rating affirmation, the Islamic and conventional facility was 150% oversubscribed, raising the total value to $332 million.
The oversubscription demonstrated “the strong international appetite for TDB's name,” the bank said in a statement released Tuesday.
“We are really delighted by the outcome of this debut financing in the Middle East region,” commented TDB President and CEO Admassu Tadesse.
He further noted that the deal reflected “unrelenting confidence in the continued growth trajectory and promise of the economies of eastern and southern Africa region.”
TDB hired The Bank of Tokyo-Mitsubishi UFJ, Ltd., First Abu Dhabi Bank (FAB), Emirates NBD, and Mashreq bank as mandated lead arrangers and bookrunners for the loan.
“The facilities are structured as a 2 years bullet term facilities denominated in US dollar and EUR,” the TDB stated.
The TDB is one of the fastest growing investment grade rated multilateral development financial institutions in Africa.
