Post Views: 280 Ecobank International Incorporated, on Thursday, told the Nigerian Stock Exchange (NSE) that its maiden five-year $450m Eurobond was o...
Ecobank International Incorporated, on Thursday, told the Nigerian Stock Exchange (NSE) that its maiden five-year $450m Eurobond was oversubscribed.
The group said proceeds of the unsecured note, with 9.5% interest payable semi-annually in arrears, listed on the main market of the London Stock Exchange (LSE) and matures April 2024 will be used for its general corporate purposes and to refinance existing holding company obligations.
Subscription to the bond, the statement added, came from the UK, U.S, Europe, the Middle East, Asia, and Africa.
Commenting, Ade Adeyemi, Group Chief Executive of ETI described the debut Eurobond issuance as “another first for Ecobank and I’m very excited at the prospects for the group as we continue the second phase of our 5-year ‘Roadmap to Leadership’ strategy.”
The group’s efforts towards greater operational and capital efficiency, he said, are paying off, assuring that the offer “is another example of the measures we are taking to strengthen our institution and deliver value for all of our stakeholders.”
Also commenting, Greg Davis, the Group Chief Financial Officer, said: “the success of this Eurobond reflects appetite from high quality and real money institutional investors globally and the trust that continues to be conferred on our institution and the markets we have chosen to participate in.”