Africa Loans

Transnet is relying on the goodwill of its banks after an extraordinary auditing process at the infrastructure company triggered a document clause allowing creditors to accelerate a loan payment. The tricky situation for the South African state-owned company comes at a time when the country is rebuilding its reputation in markets after a painful year.

Burundi-headquartered Eastern Southern Africa Trade & Development Bank has launched a $400m dual tranche loan into syndication, according to two lenders invited into the deal.

South Africa’s Transnet is relying on the goodwill of its bank lending groups after an extraordinary auditing process at the infrastructure company triggered a document clause allowing creditors to accelerate loan payment.

Telecoms company MTN Nigeria has signed a Nr200bn ($554m) seven year loan from local and international banks, as lenders remain in talks with other borrowers for hard currency transactions from the country.

Telecom Egypt has launched a $500m five year loan into syndication, with next week’s Eid al-Adha celebrations expected to stretch out the process until around the end of September.

South Africa’s Eskom has signed a $2.5bn loan from China Development Bank, securing almost two thirds of its funding requirements for the financial year amid speculation that the troubled state run power company might buy back its 2021 bonds.

More Nigerian banks are looking to come to the syndicated loan market late this quarter, with lenders fighting to win mandates.

South Africa’s Investec Bank has doubled the size from launch of its two year syndicated term loan to $600m, after a 'significant' oversubscription.

Creditors to retailer Steinhoff have agreed to give the scandal-hit company an extra three weeks to provide a debt restructuring plan, two days after the company said it would not be able to hammer out a deal in time for the initial June 30 deadline.

Scandal-hit retailer Steinhoff International Holdings has asked its creditors for a three week extension to hammer out the final terms of a multi-billion euro debt restructuring.

Nigeria’s Indorama Eleme Fertilizer & Chemicals has taken $1bn in debt financing, in the second use of the International Finance Corporation’s Managed Co-Lending Portfolio Programme in a week.

More details of Telecom Egypt’s dollar financing have emerged that show the extent of Chinese state support for the company.