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Ecobank debut $450m Eurobond oversubscribed

NINSIIMA JULIAN ?PML Daily CorrespondentbyNINSIIMA JULIAN ?PML Daily Correspondent
April 18, 2019
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Ecobank Headquarters in Lome, the bank has raised $450 million in its debut Eurobond which was oversubscribed. (FILE PHOTO)

LOME – Ecobank Transnational Incorporated, (ETI) the Lomé-based parent company of the Ecobank Group, has announced that it 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 Ecobank’s general corporate purposes and to refinance existing Holdco obligations.

On this debut Eurobond issuance, Mr. Ade Ayeyemi, Group Chief Executive Officer of Ecobank, 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 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.”

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