Ecobank Transnational Incorporated (ETI) (Ecobank), 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 Arranger.
A news report from the African Press Organization (APO) Group on the deal indicated that the loan facility aimed to support trade finance and the general corporate purposes of the group.
According to the news, Mashreqbank PSC joined the transaction, which has a tenor of twelve months, with a six-month extension option at the lenders’ discretion, as a mandated lead arranger.
The bridge-to-bond loan also comprises an accordion feature that enables an increase in the total commitments under this facility within a given time frame.
Commenting on the trade financing deal, Ecobank’s Group CFO, Ayo Adepoju, enthused: “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 credibility that has been purposefully built in the market and across the African continent over many years.”
While commending the commitment of the teams that worked on the facility, the banker recognised the continued efforts to build strong partnerships, as well as the leadership provided by the Lead Arrangers.
