London Stock Exchange welcomes Ecobank Transnational Incorporated’s successful $400 million Senior Unsecured Notes issuance
Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, today opened the market at London Stock Exchange in a ceremony to mark the listing of its $400 million Senior Unsecured Notes issuance.
Through its presence across 35 sub-Saharan African countries, as well as its international bank in France, and representative offices in the UK, UAE and China, Ecobank provides the full suite of banking products, services and solutions to retail, commercial, corporate and public sector customers using multiple channels, including digital, to over 32 million customers. Its unique pan-African platform provides a single gateway for payments, cash management, trade and investment.
This Eurobond issuance is ETI’s third issuance on the international bond markets and the first public Eurobond issuance by a financial institution in sub-Saharan Africa since 2021 and will be listed on the main market of the London Stock Exchange. The Notes, which matures on 15 October 2029, pays interest of 10.125% with interest payable semi-annually in arrears.
The net proceeds from the issuance of the Notes will be used for general corporate purposes, including refinancing the US$350 million Senior Bridge-to-Bond Loan Facility entered into in March 2024.
“The transaction was well-received with solid demand from International and African investors achieving a final orderbook oversubscription rate of more than 2.1 times. We are thankful for the support and partnership from Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who acted as Joint Lead Managers and Joint Bookrunners, and Renaissance Capital Africa, who served as the Financial Adviser for the transaction. We deeply value and appreciate the strong support from our Development Finance Institution partners, including the Africa Finance Corporation, Proparco, and the Eastern and Southern African Trade and Development Bank, who helped anchor the transaction. We thank our bond investors for their ongoing support of ETI and look forward to continuing our engagement and working together to successfully execute our business strategy.”
Ayo Adepoju
Chief Financial Officer of Ecobank Group
