Skye Bank of Nigeria Rises First Day in Six on Loan Deal

Skye Bank Plc, (SKYEBANK) a Nigerian lender, rose for the time in six days after signing a loan agreement with three foreign banks.

The stock rose 4.5 percent to 3.50 naira by the close in Lagos, the commercial capital, its first advance since May 4.

Skye Nigeria signed a $150 million five-year term-loan facility with African Export-Import Bank, Citigroup Inc. and Standard Bank Plc, who are the mandated lead arrangers and bookrunners, according to a statement from Standard Bank, a unit of Johannesburg-based Standard Bank Group Ltd.

The loan is repaid and secured by “remittance flows” generated by Skye Bank through Western Union Co. (WU) and is the first such transaction on a public basis in Nigeria, Standard said.

Officials of Skye Bank weren’t immediately available for comments when Bloomberg called their office in Lagos.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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