Ecobank Transnational Secures $1 Billion Funding in Six Months

Ecobank Transnational Secures $1 Billion Funding in Six Months

- in [ MAIN ], BANKING & FINANCE, NEWS
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Parent company of the Ecobank Group, Ecobank Transnational Incorporated (ETI) has raised about $ 1 billion in the last six months for itself and its businesses in Nigeria.

ETI had successfully raised $200 million in December 2014. The latest $50 million is a one-year senior unsecured loan facility that will be used for general corporate purposes.

ETI had in November 2014 appointed Deutsche Bank to be initial lead arranger, book runner and facility agent to arrange the facility. According to the ETI, less than one month, Deutsche Bank successfully closed primary syndication with an oversubscribed order book of $230 million.

The latest of the funding, which are in equity and debt, is $50 million loan facility from Deutsche Bank.The $50 million loan facility brings total funding arranged by Deutsche to $250 million.

ETI said: “The final size of the facility was maintained at $200 million. This transaction reflects Deutsche Bank’s strong distribution platform and rapid execution capabilities in challenging market conditions. The facility will be used for general corporate purposes.”

The $200 million facility came after ETI’s subsidiary, Ecobank Nigeria Limited, secured the $150million term loan facility from a consortium of banks in November 2014. The banks included: Standard Chartered Bank, Commerzbank, Mashreq and First Gulf Bank PJSC. The $150 million one year term loan marked Ecobank’s debut in the international loan market.

The bank also revealed that the facility was used for general purposes, generated strong interest from the market, resulting in the being 50 per cent oversubscribed , increasing from its original $100 million launch amount.

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4 Comments

  1. BizWatch Nigeria

    NEW POST: Ecobank Transnational Secures $1 Billion Funding in Six Months http://t.co/XX0OPC6TNj http://t.co/DB8SxF0fQc

  2. BizWatch Nigeria

    NEW POST: Ecobank Transnational Secures $1 Billion Funding in Six Months http://t.co/XX0OPC6TNj http://t.co/DB8SxF0fQc

  3. Nura Danbala

    RT @BizWatchNigeria: Ecobank Transnational Secures $1 Billion Funding in Six Months – http://t.co/k2QnFWp1ec http://t.co/dMpGxHOrig

  4. Nura Danbala

    RT @BizWatchNigeria: Ecobank Transnational Secures $1 Billion Funding in Six Months – http://t.co/k2QnFWp1ec http://t.co/dMpGxHOrig

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