LSE hosts Ecobank after successful US$500m Eurobond issuance

Ecobank Chairman Emmanuel Ikazoboh opens the London Stock Exchange with Group CEO Ade Ayeyemi

Following its successful US$500million Eurobond issuance, Ecobank Transnational Incorporated (‘ETI’) – the Lomé-based parent company of the Ecobank Group – was hosted by the London Stock Exchange at a market-opening ceremony to celebrate the successful listing of the Eurobond on the London Stock Exchange (LSE) main market.

The bond was oversubscribed with strong demand from international investors in the United Kingdom, United States, Europe, Middle East, Asia and Africa. It follows on from Ecobank’s 2017 convertible bond issuance on the International Securities Market.

These and more were contained in a statement issued last Friday and signed by Mireille Bokpe-Anoumou of the Group Communications department, and a copy sent to Business & Financial Times.

The five-year senior unsecured notes, which mature in April 2024, were launched with a coupon interest rate of 9.50 percent per annum payable semi-annually in arrears.

Ade Ayeyemi, Group CEO of Ecobank said: “The successful issuance of our inaugural Eurobond on the main London market demonstrates international investors’ approval and confidence in Ecobank’s long-term strategy and prospects as a strong and sustainable pan-African financial services institution. It also demonstrates the ability of African corporates to access international capital markets”.

The statement said Ayo Adepoju, Acting Group CFO of Ecobank, commented that Ecobank places great emphasis on constantly reviewing its capital allocation strategies to ensure that the bank has the right strategic positioning, competitive advantages, products and resources to increase efficiency and profitability.

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The statement further said the bank’s access to international capital markets is part of the mix and enables the bank to boost its liquidity profile, refinance maturing facilities and strengthen the its foundations to ensure long-term sustainable growth and profitability for all stakeholders.

ETI will use net proceeds of the placement for general corporate purposes, including the refinancing of maturing debt facilities.

Members of the ETI board and management attended the London Stock Exchange last Friday to celebrate a successful issuance of the bond.

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