By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-Pan African lender, Ecobank Transnational Incorporated (ETI) on Wednesday said it has received a one-year seniour unsecured loan facility of $285million from Deutsche Bank AB, the lender said in an issuer’s announcement with the Nigerian Stock Exchange (NSE).
According to ETI, it appointed Deutsche Bank to be Initial Mandated Lead Arranger, Book-runner and Facility Agent, together with a syndicate of international banks to arrange this financing. Deutsche Bank A.G has successfully closed primary syndication with an over-subscribed order book.
The pan African lender says the final size of the facility was maintained at $285 million and it worked with Deutsche Bank on this transaction in view of the latter’s strong distribution platform and rapid execution capabilities.
“ETI will use the loan facility to refinance existing loans,” the bank added.
Shares of ETI at the close of trading on the Nigerian bourse on Wednesday dipped by 0.32 percent to N18.55 from N18.61 recorded the previous session losing 0.06 kobo per share.
