Ecobank Transnational Incorporated (ETI), Lome based parent of pan-African Ecobank Group, on Wednesday, opened the market at the London Stock Exchange (LSE) to celebrate the successful issuance and 2.1x oversubscription of its US$400 million Senior Unsecured Eurobond on the London Stock Exchange main market. The Notes, which mature in October 2029, pay interest of 10.125%, payable semi-annually in arrears.
The net proceeds from the issuance of the Notes according to the prospectus, will be used for general corporate purposes, including refinancing the $350 million Senior Bridge-to-Bond Loan Facility (coordinated and arranged by African Export-Import Bank (Afreximbank) and Africa Finance Corporation) entered into in March 2024. The Notes are 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.
African Export-Import Bank (Afreximbank), Absa Bank Limited, Mashreqbank psc, and Standard Chartered Bank, acted as Joint Lead Managers and Joint Bookrunners.
Renaissance Securities (Nigeria) Limited acted as financial advisers. Deloitte & Touche Nigeria and Grant Thornton Audit Côte d'Ivoire, acted as Auditors. Norton Rose Fulbright LLP acted as Legal adviser as English law and US law to ETI. Martial Akakpo & Associes acted as Legal adviser as to Togolese law to ETI. Herbert Smith Freehills LLP legal adviser as English law and US law to joint managers. Aquereburu & Partners acted as Legal adviser as to Togolese law to joint managers.
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