Lagos, March 12, 2024: Ecobank Transnational Incorporated (ETI), has signed $250 million senior unsecured bridge-to-bond loan facility with the African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC).<\/p>\n\n\n\n
Dr Ayo Adepoju, Group Chief Financial Officer, ETI, announced this in a notification to the Nigerian Exchange Ltd.(NGX) on Monday in Lagos.<\/p>\n\n\n\n
Adepoju said that Afreximbank and AFC would act as Global Coordinators and Initial Mandated Lead Arrangers to support trade finance and the general corporate purposes of the group.<\/p>\n\n\n\n
He stated that Mashreq Bank psc. also joined the transaction as a Mandated Lead Arranger.<\/p>\n\n\n\n
According to him, the facility has a tenor of 12 months, with a six-month extension option at the lenders\u2019 discretion.<\/p>\n\n\n\n
Adepoju said: \u201dThe bridge-to-bond loan also comprises an accordion feature that enables an increase in the total commitments under the facility within a given timeframe.<\/p>\n\n\n\n
\u201cWe are very excited about this new facility, which provides additional liquidity buffers for the bank.<\/p>\n\n\n\n
The CFO noted that the firm had continuously demonstrated market support and, in particular, diversify its funding sources under challenging economic conditions.<\/p>\n\n\n\n
Adepoju said this reflected the amount of work that had been done in cementing relationships and building credibility in recent years.<\/p>\n\n\n\n
The Bridge-to-bond loans are short-term financing solutions.<\/p>\n\n\n\n
It serves as a bridge between a company\u2019s immediate funding needs and its long-term financing plans, typically in the form of issuing bonds.<\/p>\n\n\n\n
The loans also provide interim financing for companies to meet urgent financial requirements while they prepare for longer-term capital-raising activities, such as issuing bonds.<\/p>\n\n\n\n
Ecobank Group is a private pan-African banking group with unrivalled African expertise and present in 35 sub-Saharan African countries, as well as France, UK, UAE and China.<\/p>\n\n\n\n
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.<\/p>\n\n\n","protected":false},"excerpt":{"rendered":"
Lagos, March 12, 2024: Ecobank Transnational Incorporated (ETI), has signed $250 million senior unsecured bridge-to-bond loan facility with the African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC). Dr Ayo Adepoju, Group Chief Financial Officer, ETI, announced this in a notification to the Nigerian Exchange Ltd.(NGX) on Monday in Lagos. Adepoju said that Afreximbank and […]<\/p>\n","protected":false},"author":2,"featured_media":12462,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[424],"class_list":["post-56023","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ecobank","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n