Aluko & Oyebode is pleased to have advised Access Holdings PLC (“Access HoldCo”) and Access Bank Plc (“Access Bank”) in connection with an unsecured facility of up to US$300 million obtained from the African Export-Import Bank (“AFREXIM”).
The facility amount is to be invested by Access HoldCo into its banking subsidiary – Access Bank Plc, for the purpose of financing its African expansion strategy through the injection of the capital by Access Bank into its lending and payments subsidiaries.
The investment takes the form of a subscription by Access HoldCo, to Additional Tier 1 capital-qualifying Mandatory Convertible Notes issued by Access Bank Plc and approved by the Central Bank of Nigeria.
The investment is expected to improve Access Bank’s shareholders’ funds and total capital ratios whilst strengthening its leadership position across the continent.
