…The facility has a tenor of twelve months, with a six-month extension option at the lenders’ discretion.
…The facility has a tenor of twelve months, with a six-month extension option at the lenders’ discretion.
MON, MAR 11 2024-theGBJournal| Ecobank Transnational Incorporated (ETI), has signed a US$50 million senior unsecured bridge-to-bond loan facility with the African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC) acting as Global Coordinators and Initial Mandated Lead Arrangers.
“We are very excited about this new facility, which provides additional liquidity buffers for the bank,” says Ayo Adepoju, Ecobank’s Group CFO
The deal is to support trade finance and the general corporate purposes of the group.
Mashreqbank psc. joined the transaction as a Mandated Lead Arranger.
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.
According to Adepoju, ”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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