Ecobank raises $450m Eurobond in its debut issuance
Ecobank Transnational Incorporated, ETI, the parent company of the Ecobank Group, has announced that it has raised $450 million Eurobond.
The Eurobond, which is the company’s debut, has since been oversubscribed.
A statement by the Togo-based company read, “The Global Offering is a 5-year unsecured note (144A/RegS) listed on the main market of the London Stock Exchange.
“The bond matures in April 2024 and was issued with a coupon pricing of 9.5% with interest payable semi-annually in arrears.
“The proceeds will be used for ETI’s general corporate purposes and to refinance existing Holdco obligations.”
Reacting to the success of the first issuance by ETI, Group Chief Executive Officer, Ade Ayeyemi, said, “This is another first for Ecobank and I’m very excited at the prospects for the Group as we continue the second phase of our 5-year ‘Roadmap to leadership’ strategy.
Ayeyemi iterated that the company’s effort toward improving capital and operational efficiency has greatly influenced the success of the Eurobond.
“Our efforts toward greater operational and capital efficiency are paying off, and this offer is another example of the measures we are taking to strengthen our institution and deliver value for all of our stakeholders,” Ayeyemi added.
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