Ecobank Transnational Incorporated (ETI) has concluded plan to raise $300 million senior notes from the international debt capital market.
The group revealed this in a notification to the Nigerian Stock Exchange (NSE) last week Friday. According to the group, the funds would be raised by its key subsidiary, Ecobank Nigeria Limited and the transaction is pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S. ETI explained that the proceeds of the Eurobond would provide medium term funding and help to enhance the capacity of the bank to support international trade and service in Africa.
“Further, the Notes, which will be issued through a Dutch special purposes funding vehicle, will be listed on the London Stock Exchange. In view of the foregoing, ETI is pleased to notify the Nigerian Stock Exchange and the investing public of the proposed launch of the Notes by the bank. “The bank intends to list the Notes on the London Stock Exchange, with the expectation that the Notes will be traded on its regulated market,” it said. The group disclosed that the Central Bank of Nigeria (CBN) has confirmed that it has no objection to the transaction, adding that the transaction is subject to prevailing market conditions and the conclusion of the necessary documentation.
