Ecobank Nigeria has secured a debut US$150mn one-year term loan facility, syndicated successfully among a group of seven lenders.
According to a statement issued by the bank, the facility was 50% oversubscribed, increasing from its initial US$100mn value. The bank was unable to confirm pricing under the facility.
Commerzbank, Standard Chartered Bank and the UAE’s Mashreqbank and First Gulf Bank are the mandated lead arrangers and bookrunners under the facility, while the facility’s other mandated lead arrangers include British Arab Commercial Bank and BMCE Bank International. The Commercial Bank of Qatar participates as lead arranger, and Standard Chartered Bank acts as the facility’s agent.
The facility was 50% oversubscribed, increasing from its initial US$100mn value.
Commenting on the deal, executive director at Ecobank Nigeria, Foluke Aboderin, says that the financing will enable the bank to fund important industrial projects in key sectors. “Ecobank Nigeria is very active in the financing of large-ticket transactions in telecoms, oil and gas and heavy industry,” she adds.
“We are particularly encouraged by the response of the international markets, as it reflects confidence in our long-term growth plans,” says managing director at Ecobank Nigeria, Jibril Aku. “This transaction broadens and strengthens Ecobank Nigeria’s base of lending banks.”