In a notice sent to the Nigerian Stock Exchange (NSE), Resort Savings and Loans announced a financing agreement with Milost Global, a private equity firm.
As part of the terms of the agreement, Milost will invest $250 million in the bank comprising $100 million as equity capital and $150 million as debt.
The transaction will take place through a private placement, subject to the approval of the NSE, Securities and Exchange Commission (SEC) and the Central Bank of Nigeria (CBN). Resort Savings in December last year, had notified stakeholders that it was in talks with a local investor to invest ₦8 billion in the bank. Talks regarding this, are still ongoing.
This marks the third major transaction, Milost has executed with a Nigerian entity. The firm had recently signalled it was in discussions to acquire a large Nigerian bank, reportedly Unity bank.
In February, Japaul Oil announced it had signed a $350 million financing agreement with Milos. The funds will be channelled towards its mining projects.
In January, Milost Global acquired Primewaterview Holdings Nigeria Limited for $1 billion. Primewaterview is a diversified holding company with a portfolio of Real Estate, Oil & Gas, Quarry Mining, Healthcare and Power.
Milost Global, founded by Mandla J Gwandiso in 2015 is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is also a provider of alternative capital, mezzanine finance and alternative lending to a broad range of industries across the globe including Technology, Transport, Cannabis, Education, Distribution, Mining, Oil & Gas, Financial Services, Healthcare, Pharmaceuticals, Real Estate, Alternative Energy and Infrastructure Development
Resort Savings & Loans commenced business on November 29, 1993, and is a Primary Mortgage Institution (PMI). The Bank has done active business in Leasing and Credit Facilities, Property Acquisition Management and Fund Management.The company is listed on the Nigerian Stock Exchange (NSE).
