THE Africa Finance Corporation (AFC) has provided a $170 million debt financing facility, under the scheme of arrangement that has Guaranty Trust Bank Plc (GTBank) underwriting the loan, for the acquisition of of Jebba Power Station and Kainji Power Station, by Mainstream Energy Solutions Limited (MESL).
On Friday, GTBank and MESL sealed about N27 billion medium term syndicated acquisition facility, for the purpose of part-financing the concession of the power stations, owned by Kainji Hydro Electric Plc.
The move, which was aimed at consolidating MESL’s bid for the takeover of Kainji Hydro Electric, under the current privatization programme, would assist also in paying off the last installment for the power firm, which date was approaching.
The syndication was fully underwritten by GTBank, which also acted as mandated lead arranger on the transaction, while the Africa Finance Corporation acted as co-mandated lead arranger.
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