Ecobank Transnational Incorporated (ETI), on Monday, announced that it has signed a $250 million senior unsecured bridge-to-bond loan facility with the African Export-Import Bank (Afreximbank).
Africa Finance Corporation (AFC) is the Global Coordinator and Initial Mandated Lead Arrangers to support trade finance and the general corporate purposes of the group. Mashreqbank psc. joined the transaction as a Mandated Lead Arranger.
Group Chief Financial Officer, Ayo Adepoju, in a statement posted on the Nigerian Exchange Limited (NGX), stated that the facility has a tenor of twelve months, with a six-month extension option at the lenders’ discretion.
The bridge-to-bond loan also comprises an accordion feature that enables an increase in the total commitments under this facility within a given timeframe.
Ecobank’s Group in a statement added, “We are very excited about this new facility, which provides additional liquidity buffers for the bank.
“The firm’s continued ability to demonstrate market support and, in particular, diversify its funding sources under challenging economic conditions reflects the amount of work that has been done in cementing relationships and building credibility in recent years.”
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