Ecobank Nigeria has received a US$170mn term loan facility from a syndicate of 10 banks.

It will be used for refinancing the bank’s inaugural US$150mn syndicated loan facility signed in October 2014, which was raised for general lending and trade purposes.

Commerzbank Luxemburg, First Gulf Bank, Mashreqbank and Standard Chartered acted as mandated lead arrangers (MLAs) and bookrunners, while the African Export-Import Bank (Afreximbank) acted as MLA. Standard Chartered was also the sole co-ordinator bank and documentation agent, and Mashreqbank acted as facility agent.

“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,” the bank says in a statement, adding that the lenders’ confidence demonstrated and a growing appetite for top-tier African issuers in the international syndicated loan market.

Ecobank Nigeria’s managing director, Jibril Aku, says: “The transaction is driven by a need to have longer-term funding available for corporate clients. We appreciate the confidence that the international markets have in Ecobank Nigeria, backed by our strong reputation in the country and across the continent. It proves our strategy works.”

Syndicate of Banks

Coordinator and Documentation Agent

Standard Chartered Bank

Mandated Lead Arrangers and Bookrunners

Commerzbank Luxembourg

First Gulf Bank


Standard Chartered Bank

Mandated Lead Arranger


Lead Arrangers

BMCE Bank International


British Arab Commercial Bank

Ghana International Bank

Sumitomo Mitsui Banking Corporation

Lead Manager

Banque Libano-Française


Ecobank Nigeria received another financing boost in October, with a US$125mn loan from a group of financial institutions, mainly European.