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Ecobank Signs $250M Bridge-to-Bond Loan with Afreximbank and AFC




Ecobank Transnational Incorporated (ETI) has inked a $250 million senior unsecured bridge-to-bond loan facility, with African Export-Import Bank (Afreximbank) and Africa Finance Corporation (AFC) serving as the Global Coordinators and Initial Mandated Lead Arrangers. The purpose of the loan is to support trade finance and fulfil the general corporate needs of ETI.

This information was contained in a disclosure on the NGX website, signed by the Group’s Chief Financial Officer, Ayo Adepoju.

Emirati bank, Mashreqbank psc is also acknowledged as a Mandated Lead Arranger for the loan facility in the statement. The facility spans twelve months initially, with the possibility of a six-month extension at the discretion of the lenders.

According to the statement, the bridge-to-bond loan also incorporates an accordion feature, allowing for an expansion of total commitments within a specified period under this facility. In simpler terms, the borrower (Ecobank) can access additional funds if needed, with the terms of the loans providing flexibility to adjust to changing financial requirements or opportunities during the loan’s term.

Speaking on the loan facility, the CFO of Ecobank, Ayo Adepoju noted,