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Investors oversubscribe Ecobank $450m Eurobond

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The debut $450 million Eurobond recently issued by Ecobank Transnational Incorporated was oversubscribed by investors, the company has disclosed.

The money was raised to assist the Lomé-based parent company of the Ecobank Group to meet its general corporate purposes and to refinance existing Holdco obligations.

The Global Offering is a 5-year unsecured note (144A/RegS) listed on the main market of the London Stock Exchange (LSE) and the bond will mature in April 2024.

The lender said it issued the notes with a coupon pricing of 9.5 percent with interest payable semi-annually in arrears.

On Thursday renowned rating agency, Fitch, assigned a ‘B’ rating on the debt instrument.

In a statement issued by Ecobank Thursday, it said subscriptions were received from investor across the globe, including United Kingdom, United States, Europe, the Middle East, Asia, and Africa.

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 CEO of Ecobank, Mr Ade Ayeyemi, said.

The Group Chief Financial Officer, Mr Greg Davis, noted 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.”

 

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