Ecobank Nigeria to issue US$300 million Eurobond

The subsidiary of Ecobank Transnational Incorporated (ETI), Ecobank Nigeria, is set to issue a US$300 million Eurobond that would be listed and traded on the London Stock Exchange, pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S (the “Transaction”).

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.

In view of the foregoing, ETI notified the Ghana 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 bank stated.

“The Central Bank of Nigeria has confirmed that it has no objection to the Transaction. It should be noted that the Transaction is subject to prevailing market conditions and the conclusion of the necessary Transaction documentation,” it noted.