Breaking News
Translate

Ecobank hosted by London Stock Exchange after successful $500m Eurobond issuance

Following its successful $500 million Eurobond issuance, Ecobank Transnational Incorporated (‘ETI’) the Lomé-based parent company of the Ecobank Group, was hosted by the London Stock Exchange to a market opening ceremony to celebrate the successful listing of the Eurobond on the London Stock Exchange (LSE) main market.

Ecobank
Ecobank

The bond was oversubscribed with strong demand from international investors in the United Kingdom, United States, Europe, Middle East, Asia and Africa. It follows on from Ecobank’s 2017 convertible bond issuance on the International Securities Market.

The five-year senior unsecured notes, which mature in April 2024, were launched with a coupon interest rate of 9.50 percent per annum payable semi-annually in arrears.

Buhari commends Ecobank’s Financial Inclusion drive(Opens in a new browser tab)

Ade Ayeyemi, Group CEO of Ecobank said: “The successful issuance of our inaugural Eurobond on the main London market demonstrates international investors’ approval and confidence in Ecobank’s long-term strategy and prospects as a strong and sustainable pan-African financial services institution. It also demonstrates the ability of African corporates to access international capital markets.”

Ayo Adepoju, Acting Group CFO of Ecobank commented: “Ecobank places great emphasis on constantly reviewing our capital allocation strategies to ensure that we have the right strategic positioning, competitive advantages, products and resources to increase efficiency and profitability. Our access to international capital markets are part of the mix and enable us to boost our liquidity profile, refinance maturing facilities and strengthen our foundations to ensure long-term sustainable growth and profitability for all our stakeholders.”

ETI will use the net proceeds of the placement for general corporate purposes including the refinancing of maturing debt facilities.

Members of the ETI board and management attended the London Stock Exchange on 7 June to celebrate the successful issuance of the bond.

All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.