Ecobank Nigeria on Friday announced through its official filing to notify the Nigerian Stock Exchange of its plans to raise $300million from the international debt capital market through Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group.
ETI reputed to be the leading Pan-African banking group with banking operations in 34 countries said the money would be raised through the issuance of senior notes, pursuant to the United States Securities and Exchange Commission Rule 144A and Regulations.
The Bank said proceeds of the Eurobond would be used to provide medium term funding and help to enhance the capacity of the Bank to support international trade and service in Africa Further.
The financial instrument, the bank said would be issued through a Dutch special purposes funding vehicle, to 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 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,” the bank said in its filing with the NSE on Friday.