Connect with us

Business

Ecobank signs $250m senior bridge-to-bond loan facility

Published

on

Ecobank settles $500m Eurobond after five-year tenure

Ecobank Transnational Incorporated (ETI), has signed a USD 250 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 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.

News continues after this Advertisement

Ayo Adepoju, Ecobank’s Group CFO, commented, “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.

News continues after this Advertisement
News continues after this Advertisement