Africa Finance Corp. Helps SIR Raise $662 Million in Ivory Coast

ABIDJAN (Capital Markets in Africa) – The Africa Finance Corp. said that as the sole mandated lead arranger it helped raise a syndicated loan totaling 577 million euros ($662 million) for Societe Ivoirienne de Raffinage, an oil and gas company with operations in the Ivory Coast.

“AFC’s participation was for 192 million euros,” the African finance institution said in an emailed statement on Monday. “The purpose of the facility is to repay historical obligations on crude supply, provide a long-tenured facility and reduce the interest rate of SIR’s stock of debt.”

Participants included Deutsche Bank AG, ICBC Standard Bank Plc, United Bank for Africa Plc, NSIA Bank and Bridge Bank, according to the AFC. “The refinancing facility is integral to the International Monetary Fund’s financial program for the Ivory Coast as SIR is considered to be a strategic asset for the country.”

Source: Bloomberg Business News