Ecobank Development Corporation (EDC), the investment banking arm of the Ecobank group and Ecobank Ghana, its Ghanaian subsidiary have been retained by the Government of Ghana to advise on the financial restructuring of Tema Oil Refinery.
“The oil sector is strategic to the Ghanaian economy. We are very pleased to be advising the government of Ghana on this important assignment which will have an important impact on the oil sector and the economy.” said Arnold Ekpe, Chief Executive of the Ecobank Group.
As advisors, EDC and Ecobank Ghana will review and validate the level of indebtedness of Tema Oil Refinery’s current debt. They will also arrange and syndicate a US$300 million facility (or the equivalent in Ghana cedis) to refinance the refinery’s existing debt and its working capital requirements. They will further arrange a US$300 million term facility to strengthen
Tema Oil Refinery’s balance sheet, and arrange additional funds to make up for any financing gaps. The two companies will also lead and manage the eventual re-capitalization of Tema Oil Refinery.
EDC is a leading pan-African investment bank with a presence on the stock exchanges in Nigeria, Ghana and the BRVM in Cote d’Ivoire. EDC has been a leader in investment banking in Africa over the years and has been involved in a number of landmark fundraising and advisory transactions, including acting as co-advisor to the Government of Ghana on its US$750 million sovereign bond, and lead advisor for the recapitalisation of Ghana Telecom.
“We welcome the opportunity to serve as advisors to the Government of Ghana for the financial restructuring and refinancing of Tema Oil Refinery,” said Michael Ashong, Managing Director of EDC.
Ecobank Ghana is one of the largest banks in Ghana with 50 branches across the country. EDC and Ecobank Ghana are both subsidiaries of Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group.
About ECOBANK (www.ecobank.com)
Incorporated in 1985, Ecobank Transnational Incorporated (ETI) is the parent company of the leading independent regional banking group in Africa. It currently operates in 28 African countries, namely: Benin, Burkina-Faso, Burundi, Cameroon, Cape Verde, Central African Republic, Chad, Congo-Brazzaville, Côte d’Ivoire, Democratic Republic of Congo, Gabon, Gambia, Ghana, Guinea, Guinea-Bissau, Kenya, Liberia, Malawi, Mali, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Togo, Uganda and Zambia. The group is also represented in France through its affiliate EBI S.A. in Paris. ETI also has a presence in Tanzania and in Dubai, United Arab Emirates, where it holds licenses but is not yet operational.
ETI is listed on the stock exchanges in Lagos, Accra and the West African Economic and Monetary Union (UEMOA) - the BRVM. The Group is owned by more than 180,000 local and international institutional and individual shareholders. It has over 11,000 employees from 29 different countries in over 750 branches. Ecobank is a full-service bank providing wholesale, retail, investment and transaction banking services and products to governments, financial institutions, multinationals, international organizations, medium, small and micro businesses and individuals.
