Ecobank Transnational Signs US$250m Senior Bridge-to-Bond Facility With Afreximbank, AFC

Ecobank Transnational Incorporated (ETI), has signed a US$250m 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 Arrangers to support trade finance and the general corporate purposes of the group.

The facility, which also has Mashreqbank psc. as a Mandated Lead Arranger, has a 12-month tenor, 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.

Speaking on the loan, Ayo Adepoju, Ecobank’s Group Chief Financial Officer, said the group is “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 the amount of work that has been done in cementing relationships and building credibility in recent years.