To commemorate the successful issuance of its US$400 million Senior Unsecured Eurobond on the London Stock Exchange main market, Ecobank Transnational Incorporated (ETI), the parent company of the top pan-African Ecobank Group, opened the market at the LSE.
Jeremy Awori, the CEO of Ecobank Group said, the company’s successful Notes issuance shows how Ecobank is leading the way for corporates and financial institutions in sub-Saharan Africa to access global capital markets.
He said:
“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. With the bond more than 2.1 times oversubscribed, the strong demand demonstrates international and African investors approval and trust in the progress of our Growth, Transformation and Returns Strategy.”
The Notes pay interest at a rate of 10.125% and are due semi-annually in arrears. They will mature in October 2029.
Additionally, Ecobank Group Chief Financial Officer Ayo Adepoju stated:
“We really appreciate 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 also 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.”
For general corporate purposes, including refinancing the US$350 million Senior Bridge-to-Bond Loan Facility signed in March 2024, ETI will utilize the net proceeds from the Notes’ issuance.
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