A subsidiary of the Togo-based Ecobank Transnational Incorporated, parent company of the pan-African Ecobank Group, Ecobank Nigeria Limited, has announced the successful signing of a $170 million term loan facility.
The facility will be used for refinancing Ecobank Nigeria’s inaugural $150 million syndicated loan facility dated October 23, 2014, which was raised for general lending and trade purposes.
Commerzbank Aktiengesellschaft, Filiale Luxemburg, First Gulf Bank PJSC, Mashreqbank psc, and Standard Chartered Bank acted as mandated lead arrangers and bookrunners.
The African Export-Import Bank acted as mandated lead arranger, Standard Chartered also acted as the sole co-ordinator bank and documentation agent, and Mashreqbank psc acted as facility agent.
Despite adverse market conditions due to the macroeconomic headwinds affecting Nigeria, the facility has seen an excellent response from both existing and new lenders to Ecobank.
The transaction is only the second to have come to the market for a Nigerian financial institution this year. Its success demonstrates the high regard in which the market holds Ecobank Nigeria’s management and that it values Ecobank’s ability to navigate the current domestic circumstances as one of Nigeria’s top-tier banks.
Ecobank Nigeria is among the eight financial institutions considered as systemically important banks (SIBs) by the country’s central bank.