• Saturday, May 18, 2024
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Ecobank signs $250mn senior bridge-to-bond loan led by Afreximbank, AFC

Supporting creative sector, Ecobank form alliance with AFC, Soto Gallery for +234 Art Fair

…to support trade and general corporate purposes.

Ecobank Transnational Incorporated (ETI) has signed a $250 million senior unsecured bridge-to-bond loan facility to support trade finance and the general corporate purposes of the group.

The facility has a tenor of twelve months, with a six-month extension option at the lenders’ discretion.

The African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC) acted as global coordinators and initial mandated lead arrangers. Mashreqbank psc. joined the transaction 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 timeframe.

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”.