Absa supports Waco Africa's growth ambitions with strategic funding solution

Headquartered in Johannesburg, Waco Africa is a market-leading equipment rental and industrial services group with operations across South Africa, Mauritius, Namibia, Botswana, Ghana, Zambia and Mozambique. Since its establishment in 1952, the business has evolved from a domestic scaffolding provider into a diversified industrial services group serving the construction, infrastructure, mining, energy, hygiene and industrial maintenance sectors.

The transaction provides Waco Africa with facilities to refinance and upsize existing debt while creating additional capacity and flexibility via an accordion facility to pursue future growth opportunities, including potential acquisitions and expansion initiatives. The funding also supports the group's ongoing working capital requirements as it continues to strengthen its market position across its key operating sectors.

Absa participated in the transaction as Joint Bookrunner, Joint Mandated Lead Arranger and Facility Agent, by leveraging its debt, trade and working capital capabilities to deliver a solution aligned with the client’s strategic objectives.

The deal reinforces a successful banking relationship that has existed since 2015 and reflects Absa’s role as a trusted financial partner to leading African corporates.

The transaction demonstrates Absa CIB’s ability to structure solutions that enable clients to unlock growth opportunities, strengthen their market leadership positions and contribute meaningfully to economic development across Africa.

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