Resort Savings & Loans Executes A Binding Financing Commitment With A New York Based Africa Friendly PE Giant

LAGOS, Nigeria, Feb. 26, 2018 -- Resort Savings & Loans PLC (RESORTS:NL) (http://www.resortng.com/), a  Nigerian Stock Exchange quoted mortgage bank that is headquartered in Lagos is pleased to announce that it has executed a $250 million financing facility term sheet and a binding commitment letter with Milost Global Inc (the "Investor"). The financing is comprised of $100 Million equity and $150 million debt. On the sourcing of the financing, Resorts Savings & Loans was advised by Palewater Advisory Group Inc as a sole transaction advisor and financing facilitator.

The Chief Executive Officer of Resort Savings & Loans PLC, Mr. Olayemi Rabiu, stated that, “The investment will enable us to assume the leadership role in the mortgage banking business in Nigeria, the West African sub-region and Africa as a whole as well as contribute excellently to the growth in African economies.”  

Kim Freeman, Managing Partner & CEO of Milost Global Inc also stated, “We are very pleased to have executed the term sheet and commitment letter with Resort after our recent trip to Nigeria. The impressive Resort team led by Mr. Olayemi Rabiu and Senator Fajinmi were very enthusiastic and will do a great job growing the Resort business which will enable more home ownership in Nigeria.”

Senior Partner & CIO of Milost Global Inc, Solly S. Asibey stated, “This investment ties in very well with our vertical integration strategy. When it comes to human settlements and housing, one of the main stumbling blocks experienced in Africa at large other than the development aspect is the issue of Mortgage Banking. Resort has proven itself to be amongst the leaders in the provision of mortgage Banking in Nigeria, and in tandem with Milost, they will gain more traction within this market and beyond. We are therefore very excited about this venture moving forward.”

Senator Sunday Olawale Fajinmi, Chairman of the Board of Resort Savings & Loans PLC, also had this to say, "Our Board is excited about the prospect of transforming Resort Savings & Loans Plc and creating a huge value for shareholders as well as meet the expectations of our other stakeholders.”

About Resort Savings & Loans PLC

Resort Savings & Loans PLC is licensed and authorized to receive Deposits and maintain accounts for their customers for the purpose of providing banking services, creating mortgage assets and providing other credit facilities. It is a mortgage bank, listed on the Nigerian Stock Exchange, with a good spread of offices across Nigeria.

Resort Savings & Loans Plc plans to use the funds to recapitalize its business, upgrade her ICT infrastructure, grow market share in all relevant segments and embark on a productive and strategic positioning with the view of becoming the leader in the mortgage financing industry in Africa.

About Palewater Advisory Group Inc.

Palewater Advisory Group is a multinational corporate and public affairs advisory firm with headquarters in New York. We specialise in cross-border and M&A transactions, financing, public affairs, political campaign capital raising and strategy. Collectively as the team, we have had an excellent track record with more than 1000 references in our line of advisory work. We have a robust and yet solid network of contacts with a specific focus on certain core industries, investment and banking communities. Our directors, leaders, professionals, and senior advisors collectively provide access to senior industrial, political, economic, government and financial decision-makers throughout the world.

We provide individual and personal advice and react swiftly to our clients’ needs, while always providing direct access to the team, including the partners involved. As a professional services firm, we provide the best possible advice based on confidentiality and total discretion. We are committed to the principles of integrity and client service, and operate free from any conflict of interest. www.palewateradvisory.com                                             

About Milost Global Inc

Milost Global Inc is an American Private Equity firm that is headquartered in New York City, with more than $25 billion in committed capital. Milost is at the intersection of creative investing and value creation. 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. www.milostglobal.com 

For more information 

Aristacus Forster
[email protected]