By Charles Ike-Okoh
FRI 05 FEB, 2021-theGBJournal- Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, plans to raise US$300 million (USD Dominated) senior notes from the international debt capital market, the bank said Friday in a notification to the Nigerian Stock Exchange (NSE).
The transaction is pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S, the bank noted.
According to the bank, ‘’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 Transaction documentation.’’
Ecobank said the proceeds of the Eurobond will 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 (LSE). It also expects that the Notes will be traded on LSE regulated market.
The Ecobank Group employs over 14,000 people and serves over 24 million customers in the consumer, commercial and corporate banking sectors across 33 African countries.
The Group has a banking license in France and representative offices in Addis Ababa, Ethiopia; Johannesburg, South Africa; Beijing, China; London, the UK and Dubai, the United Arab Emirates.
ETI is listed on the Nigerian Stock Exchanges in Lagos, the Ghana Stock Exchange in Accra, and the Bourse Régionale des Valeurs Mobilières in Abidjan.