ETI signs USD 250m senior bridge-to-bond loan facility led by Afreximbank, AFC to support trade, general corporate purposes

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 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 Arranger. This loan facility aims 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 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, he recognised the continued efforts to build strong partnerships, as well as the leadership provided by the Lead Arrangers.