Ecobank To Raise $300M From International Debt Market

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(Last Updated On: 2021-02-08)

Ecobank Transnational Incorporated (ETI) disclosed to the Nigerian Stock Exchange (NSE) last Friday it’s plan to raise $300 million senior notes from the international debt capital market.
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 Regulations.
“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,” it said in the notification.
“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.”
ETI stated that the Central Bank of Nigeria (CBN) has confirmed that it has no objection to the transaction, as it is only subject to prevailing market conditions and the conclusion of the necessary documentation.
Ecobank Group recorded a revenue of over N630 billion for the year ended December 31, 2020, representing a growth of seven per cent when compared to N586.9 posted in 2019.

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