Ecobank raises $450m from Eurobond
http://www.hrlnews.com/2019/04/ecobank-raises-450m-from-eurobond.html
Ecobank Transnational Incorporated (ETI) in Lomé, which is the parent
company of the Ecobank Group, has successfully raised $450 million in
its debut Eurobond which was oversubscribed.
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.
Investor interest was global, including United Kingdom, United States, Europe, the Middle East, Asia, and Africa.
On this debut Eurobond issuance, Mr. Ade Ayeyemi, Group Chief
Executive Officer of ETI, stated: “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.
“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”.
The Group Chief Financial Officer, Mr. Greg Davis, also commenting on
this Eurobond and said: “The success of this Eurobond reflects appetite
from high quality and real money institutional investors globally and
the trust that continues to be conferred on our institution and the
markets we have chosen to participate in.”