Clifford Chance

Clifford Chance advises Atlas Mara and Union Bank of Nigeria on US$200 million financing

New York: Leading international law firm Clifford Chance advised Atlas Mara Limited (Atlas Mara), the Sub-Saharan Africa financial services group, and Union Bank of Nigeria (UBN) in relation to a US$200 million financing for UBN. Financing was provided to UBN subsequent to an agreement between Atlas Mara and the Development Finance Corporation, the US Government's development finance institution.

The credit agreement was signed in September 2019 and the first drawdown of US$150 million occurred on April 29, 2020. Financing will be used to support inclusive lending across Nigeria including investments in digitization, on-lending to Small and Medium Enterprises (SMEs), and funding for women-led, women-owned, and women-supporting businesses as part of DFC’s 2X Women’s Initiative.

The Clifford Chance team was led by Banking & Finance partner Chris Willott and associates John McManmon and Isidora Koutsoulias.

Commenting on the matter Willott said, "We are proud to have a part in this inclusive lending initiative and pleased to have helped guide our clients through the process."