Afreximbank, UBA Announce Initial Disbursement of US$2.25bn Under Syndicated US$3.3bn Crude Oil Prepayment Facility(AFRICAN EXAMINER) – African Export-Import Bank (Afreximbank) has successfully arranged a syndicated US$3.3 billion crude oil prepayment facility sponsored by the Nigerian National Petroleum Company Limited (NNPCL). This landmark financing is Nigeria’s largest crude oil prepayment facility and one of the largest syndicated loans raised in Africa in 2023. The 5-year facility carries a margin of 6.0% per annum above the 3-month secured overnight financing rate (SOFR). The Bank acted as Sole Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent. UBA has a track record of structuring and participating in significant resource-based transactions, leveraging its global network and dollar balance sheet.