Ecobank to Raise US$300 Million Through Fixed Rate Reset Tier 2 Sustainability Notes

Ecobank Transnational Incorporated (“ETI”), the parent company of Ecobank Group, has announced plans to raise US$300 million from the international debt capital markets through the issuance of Tier 2 qualifying sustainability Notes pursuant to the United States Securities and Exchange Commission Rule 144A and Regulation S (the “Notes”).

The leading financial institution listed on the Nigerian Exchange Limited, the Ghana Stock Exchange and the Bourse Régionale des Valeurs Mobilières (the “Stock Exchanges”) planned to use the next proceeds of the not to finance or refinance new or existing eligible assets in line with ETI’s Sustainable Finance Framework.

The bank disclosed this in a statement signed by Adenike Laoye, Group Head, Corporate Communications/ Chief of Staff to the Group Chief Executive Officer.

The statement read in part, “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.

“It should be noted that the issuance of the Notes (the “Transaction”) is subject to prevailing market conditions and the conclusion of the necessary Transaction documentation.”