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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.
The loan 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.
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.
Ecobank Group is the leading private Pan-African banking group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, UK, UAE and China, its Pan-African platform provides a single gateway for payments, cash management, trade and investments.
The Group employs over 15,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels including digital, to over 32 million customers.
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