LONDON (Alliance News) - Financial services firm Atlas Mara Ltd on Monday said it has agreed a new USD40 million debt facility, replacing an existing convertible bond.
The funding is for three years, and has an average annualised cost of debt of around 11%, and has been secured using part of Atlas Mara's shareholding in Union Bank of Nigeria.
It replaces a convertible bond issued to Atlas Mara's largest shareholder, Fairfax Africa Holdings Corp.
Atlas Mara said the funds will be used for general purposes, for investment in its digital finance platform, and supporting broader business growth.
Chief Executive John Staley said: "We are pleased to announce this new financing, which is a strong indication of investor interest and support from our existing shareholders and the broader market.
"The funding will enable investments to boost our IT and banking capabilities and support business operations."
