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Milost Global Inc-an American private equity firm, has appointed a Nigerian escrow agent and placed funds in escrow account to back up its investment in Resort Savings & Loans Plc. Milost had indicated it plans to invest $250 million, about N76.5 billion, on Resort Savings & Loans.
Milost, combining its traditional equity and debt approach, will be staking $100 million as equity capital and $150 million as debt capital. Milost Global and Resort Savings had signed a commitment letter, giving the private equity firm the mandate to proceed with due diligence and other regulatory issues.
The board of Resort Savings had also approved the proposed transaction at its meeting on February 26, 2018. In an update filed at the Nigerian Stock Exchange (NSE) on Wednesday September 19, 2018, the board of Resort Savings stated that Milost and Resort have signed a binding agreement and first drawdown agreement of $10 million with a provision for immediate release of $1 million. The board of the mortgage bank noted that it has received assurances from both the local and foreign investors on the readiness to turn around the mortgage bank.
Photo Caption: Resort Savings Logo
