ETI to Raise Funds from International Debt Capital Markets
Ecobank Transnational Incorporated (ETI) has announced plans to raise funds in the international debt capital markets to repay a 2031 maturing borrowing note.
The Pan African financial group said its capital raise will be done through the issuance of Tier 2 qualifying Nature Notes pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S.
According to a regulatory filing, Ecobank said the net proceeds of the Notes will be deployed to finance the concurrent any-and-all tender offer for the ETI U.S.$350 million 8.750% Tier 2 notes due June 2031.
The official statement revealed that ETI will allocate an amount equivalent to the full net proceeds of the Notes’ issue to finance or refinance, in part or in full, new and/or existing eligible assets as described in ETI’s Green Bond Framework, as amended and supplemented from time to time.
ETI intends to list the Notes on the London Stock Exchange, with the expectation that the Notes will be traded on its regulated market. The group said the issuance of the Notes is subject to prevailing market conditions and the conclusion of the necessary Transaction documentation. CBN Foreign Subsidiary Rule Sparks N1.92trn Loss on NGX
