Hogan Lovells advises Afreximbank on a EUR 200 million syndicated bridge facility for Abidjan Port
10 July 2014
Hogan Lovells has advised the African Export-Import Bank (Afreximbank) in relation to a 200 million-euro syndicated bridge financing facility for Cote d’Ivoire’s state-owned Port Autonome d’Abidjan (PAA) to enable the company expand facilities at the Abidjan Port.
According to the agreement signed by PAA and the participating banks in Cairo and Abidjan, Afreximbank and Société Générale Cote d’Ivoire will each provide 50 million euros while Banque Atlantique, through its group across Africa, will participate in an amount of 100 million euros. Banque Atlantique will also serve as the local agent bank for the transaction.
The funds would be used by PAA to finance advance payment and related costs for the expansion of the Abidjan Port, one of Africa’s busiest ports in terms of volume, which serves as a major international trans-shipment and transit traffic hub through which 70 per cent of the foreign trade of hinterland countries (Burkina Faso, Mali, etc.) passes.
The Hogan Lovells team acting for Afreximbank was led by Olivier Fille-Lambie, Banking & Finance partner, assisted by Louis-Jérôme Laisney for French law matters and SCPA Dogué – Abbé Yao & Associés (Seydou Zerbo, partner and Pascal Djédjé).