Mashreq, a leading financial institution in the MENA region, recently announced the closing of a landmark AED500 million ($136.13 million) syndicated loan for the Eastern and Southern African Trade and Development Bank (TDB).
Mashreq acted as sole coordinator, initial mandated lead arranger, bookrunner, and facility agent for the debut deal which marked the first-ever syndicated loan for TDB in AED currency.
Established in 1985, TDB is an investment-grade African regional development finance group. The bank seeks to finance and foster trade, regional economic integration, and sustainable development.
With an asset base of $10 billion, TDB group has 25 African member states in addition to non-regional member countries and institutional investors from Africa, Europe, and Asia.
The facility launched in July and was successfully subscribed by seven leading institutions from the Gulf region. In addition, it has a tenor of one year and features an extension option. Mashreq added that the facility proceeds will go for general corporate purposes.
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This transaction provides TDB access to the evolving, dynamic, and deep AED liquidity pool. Moreover, it allows TDB to develop relationships with lenders with unique lending considerations.
The financing also underscores Mashreq’s goal of connecting investors with borrowers across continents and demonstrates its commitment to its cross-border financing strategy and robust relationships with leading financial institutions globally.
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