Ecobank Chairman Emmanuel Ikazoboh (2nd from left) opens the London Inventory Trade with Team CEO Ade Ayeyemi (3rd from still left)
Pursuing its productive $500 million Eurobond issuance, Ecobank Transnational Incorporated (ETI), was hosted by the London Stock Exchange (LSE) to a current market opening ceremony to rejoice the successful listing of the Eurobond on the LSE most important market place
The bond was oversubscribed with powerful demand from customers from global buyers in the U.K., United States, Europe, Center East, Asia and Africa.
This follows on from Ecobank’s 2017 convertible bond issuance on the Intercontinental Securities Market.
The 5-12 months senior unsecured notes, which experienced in April 2024, ended up introduced with a coupon desire level of 9.50% for every annum payable semi-each year in arrears.
Ade Ayeyemi, Group CEO of Ecobank mentioned, “The effective issuance of our inaugural Eurobond on the primary London sector demonstrates international investors’ acceptance and assurance in Ecobank’s lengthy-expression tactic and prospects as a solid and sustainable pan-African money expert services institution.
“It also demonstrates the potential of African corporates to access intercontinental money markets,” he added.
Acting Team CFO of Ecobank, Ayo Adepoju, famous, “Ecobank sites terrific emphasis on continually examining our funds allocation procedures to ensure that we have the right strategic positioning, competitive benefits, products and resources to raise efficiency and profitability.
“Our accessibility to worldwide cash marketplaces are part of the combine and allow us to boost our liquidity profile, refinance maturing facilities and bolster our foundations to ensure prolonged-expression sustainable growth and profitability for all our stakeholders.”
ETI, the Lomé-dependent parent corporation of the Ecobank Team, will use the net proceeds of the placement for common company uses including the refinancing of maturing credit card debt amenities.
Members of the ETI board and administration attended the London Inventory Exchange on 7 June to rejoice the successful issuance of the bond.