Ecobank debuts robust $450m Eurobond

Ecobank Transnational Incorporated (www.Ecobank.com), the Lomé-based parent company of the Ecobank Group, is pleased to announce that it has successfully raised $450m 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.

It 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 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 the debut Eurobond issuance, Ade Ayeyemi, Group Chief Executive Officer, ETI, 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. 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.”

Group Chief Financial Officer, ETI, Greg Davis, also commented that “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.”