Ecobank Raises $200m Syndicated Loan
By Modupe Gbadeyanka
The board of Ecobank Transnational Incorporated (ETI), the parent company of Ecobank, has successfully raised $200 syndicated credit facility.
According to a notice to the Nigerian Stock Exchange (NSE) on Monday, leading independent pan-African banking group disclosed that the exercise was oversubscribed by $68.5 million.
Ecobank said in the notice that with with the fresh loan facility, it has now increased Deutsche Bank’s mandate as arranger from $150 million to $200 million.
“Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, announces today the successful close of a $200 million syndicated loan facility.
“The facility was oversubscribed at $268.5 million, with ETI increasing Deutsche Bank’s mandate as arranger from $150 million to $200 million.
“The facility supports ETI’s goal of maintaining a diversified funding base with strong market access.
“The loan will be due for repayment in November 2019,” the notice signed by Ecobank Group Chief Financial Officer, Mr Greg Davis, stated.
Ecobank currently boasts of branches in 36 African countries, offering full-service bank and providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.