Africa Finance Corporation announces it has successfully closed a €577Million debt financing for Société Ivoirienne de Raffinage (SIR) of Côte d’Ivoire. AFC’s participation was for €192Million. The corporation was Sole Mandated Lead Arranger for the transaction.
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. The Facility comprises a Euro tranche with a 9-year maturity and a West African CFA franc tranche with a 7-year maturity.
The long-term funding solution to refinance historical accrued debts will free up resources to enable SIR to make much needed investments in its current operations and upgrade its facility and production processes to align with current environmental emissions standards and expand its business, thereby contributing to job creation.
Source: Africa Oil + Gas Report