Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, is planning to raise $300 million senior notes from the international debt capital market.
The group revealed this in a notification to the Nigerian Exchange (NGX) Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières signed by the group head, corporate communications, Adenike Laoye.
According to the notice, the fund will be raised from the international debt capital markets through the issuance of tier two qualifying sustainability notes pursuant to the United States Securities and Exchange Commission Rule and Regulation.
It stated that “an equivalent amount of the net proceeds of the notes will be used to finance or re-finance, in part or in full, new or existing eligible assets in accordance with ETI’s sustainable finance framework.
“In view of the foregoing, ETI is pleased to notify the Stock Exchanges of the proposed launch of the notes. ETI intends to list the notes on the London Stock Exchange, with the expectation that the notes will be traded on its regulated market.”
ETI added that the issuance of the notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation.
The pan-african bank in the first quarter (Q1), 2021 unaudited results for the period ended March 31, 2021 showed remarkable performance in all the key financial indices. It recorded a profit Before Tax (PBT) of N40.3 billion, representing 22 per cent increase over the N33 billion reported at the same time in 2020.
closed at N30.5 billion, while gross earnings stood at N214.3 billion representing 10 per cent increase against N194.9 billion during the same period in 2020.
up by 15 percent to N164.6 billion.