Milost Global Inc., a New York based private equity firm is looking to inject as much as $1 billion to recapitalize Nigeria’s Unity Bank Plc, which is struggling to build buffers after a slowdown in the economy.
Milost offered to invest $700 million in equity and $300 million in five-year bonds that can be converted into shares in the bank, said one of the people, who asked not to be identified as talks are confidential.
The private-equity firm will get an initial stake of about 30 percent in the bank in exchange for its first equity investment of $250 million.
The transaction is still subject to a due diligence as well as regulatory approvals. The first part of the deal may be completed in the second quarter while the rest of the cash will be drawn down in intervals over a period of four years, provided Unity Bank has sufficient shares to issue to Milost.
An investment in Unity Bank will be Milost’s third in a publicly traded Nigerian company since it agreed to pump $350 million into oil-services company Japaul Oil & Maritime Services Plc in February and to provide a $250 million financing facility to Resort Savings & Loans Plc.
Several calls to the numbers listed on Milost’s website have gone
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