Ecobank Nigeria Plc has secured a term loan facility of $170 million (N33.3 billion) syndicated offshore loan facility, to raise its operational profile. Under the deal, Commerzbank Aktiengesellschaft, Filiale Luxemburg, First Gulf Bank PJSC, Mashreqbank psc and Standard Chartered Bank acted as mandated lead arrangers and bookrunners, while African Export-Import Bank acted as mandated lead arranger. Standard Chartered also acted as sole co-ordinator bank and documentation agent; and Mashreqbank psc acted as facility agent.
Specifically, the facility will be used for refinancing Ecobank Nigeria inaugural $150 million syndicated loan facility dated 23 October 2014, which was raised for general lending and trade purposes.
Despite adverse market conditions due to the macroeconomic headwinds affecting Nigeria, the facility has seen an excellent response from both existing and new lenders to Ecobank.