Ecobank Transnational Incorporated (ETI) Plc has successfully raised $450 million, about N138 billion, under its debut Eurobond issue. The debut Eurobond, which was oversubscribed, was issued at a coupon of 9.5 per cent.
The ETI Eurobond is a five-year unsecured note and it is listed on the London Stock Exchange (LSE). The bond matures in April 2024. Subscribers to the bond included investors from United Kingdom, United States of America, Europe, Middle East, Asia and Africa.
Ecobank indicated that the net proceeds of the issue would be used for its general corporate purposes and to refinance existing obligations.
Group Chief Executive Officer, Ecobank Transnational Incorporated (ETI) Plc, Mr Ade Adeyemi said the debut issue was another milestone for the holding group.
“This is another first for Ecobank and I’m excited at the prospects for the group as we continue the second phase of our five-year ‘roadmap to leadership’ strategy,” Adeyemi said.
He said the success of the debut issue showed that the group’s efforts toward greater operational and capital efficiency are paying off, noting that the additional capitalisation was another example of measures being taken to strengthen the group and deliver value for all stakeholders.
Group Chief Financial Officer, Ecobank Transnational Incorporated (ETI) Plc, Mr Greg Davis added that the success of the Eurobond reflected the appetite from the high quality and real money institutional investors globally.
He pointed out that the issue underlined the trust that investors continue to repose in the ETI and the markets it has chosen to participate in.