Posted by To aid with trade financing and other general corporate purposes, Ecobank Transnational Incorporated (ETI) has inked a $250 million senior unsecured bridge-to-bond credit agreement.
Lenders have the option to extend the facility for an additional six months beyond the first twelve months.
Both the Africa Finance Corporation (AFC) and the African Export-Import Bank (Afreximbank) were initially designated as lead arrangers and global coordinators. Mashreqbank psc. was a required lead arranger in the deal.
There is an accordion clause in the bridge-to-bond loan that allows the total commitments under this facility to be increased within a specific term.
“We are very excited about this new facility, which provides additional liquidity buffers for the bank,” said Ayo Adepoju, group chief financial officer of Ecobank. Thanks to all the hard effort put into establishing relationships and trust in recent years, the firm has been able to continue demonstrating market support and, more specifically, diversify its funding sources despite difficult economic situations.
Fullscreen PlayUnmute Bridge-to-bond loans are a kind of short-term financing that let companies get the money they need right now while they plan for the future, usually by issuing bonds.