Ecobank Nigeria: $170m offshore loan facility to boost long term funding
The transaction is supported by lenders from Europe, Africa, Asia and the Middle East.Ecobank Nigeria has secured a $170 million (€160 million) syndicated offshore loan facility to support long term lending to businesses.
Several international banks were involved in the transaction, including Commerzbank Aktiengesellschaft, Filiale Luxemburg, First Gulf Bank, Mashreqbank, Standard Chartered Bank and African Export-Import Bank .
"The support from a wide variety of lenders from Europe, Africa, Asia and the Middle East demonstrates a growing appetite for top-tier African issuers in the international syndicated loan market," an analyst told The Guardian.
The facility will be used for refinancing Ecobank Nigeria's inaugural $150 million syndicated loan facility created on October 23rd, 2014.
"The transaction is driven by a need to have longer-term funding available for corporate clients," said Ecobank Nigeria's Managing Director, Jibril Aku.
He added: "We appreciate the confidence that the international markets have in Ecobank Nigeria, backed by our strong reputation in the country and across the African continent."