Ecobank Nigeria Limited, a key subsidiary of Ecobank Transnational Incorporated (ETI), Friday announced the issuance of US$300 million senior notes, pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S.
The proceeds of the Eurobond, according to a statement by ETI will provide medium term funding and help to enhance the capacity of Ecobank Nigeria to support international trade and service in Africa.
ETI, in a formal notice, “Notification of proposed launch of US$300 Million senior notes by Ecobank Nigeria Limited”, to the Nigerian Stock Exchange, prior to the launch, said the Notes, which will be issued through a Dutch special purposes funding vehicle, will be listed on the London Stock Exchange.
“In view of the foregoing, ETI is pleased to notify the Nigerian Stock Exchange and the investing public of the proposed launch of the Notes by the Bank. The Bank intends to list the Notes on the London Stock Exchange, with the expectation that the Notes will be traded on its regulated market,” the notification signed by Group Head, Corporate Communications, Adenike Laoye, stated.
The transaction is said to have received the approval of the Central Bank of Nigeria (CBN) which has “confirmed that it has no objection to the Transaction.”
ETI’s statement noted that the “Transaction is subject to prevailing market conditions and the conclusion of the necessary Transaction documentation.”