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ETI debut US$450mn Eurobond oversubscribed

The proceeds will be used for ETI’s general corporate purposes and to refinance existing Holdco obligations. (Image source: dawnfu/Pixabay)

Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has raised US$450mn in its debut Eurobond which was oversubscribed

The global offering is a five-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 per cent 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 the UK, the USA, Europe, the Middle East, Asia and Africa.

Ade Ayeyemi, group CEO 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 five-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.”

Greg Davis, group chief financial officer, commented, “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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