Business
Ecobank sets year-end deadline for $400m bond
Ecobank Transnational Incorporated (ETI) Plc, the pan-African financial services holding company for the Ecobank group, on Thursday indicated that it plans to complete its forthcoming $400 million capital raising within the next three months.
Shareholders of ETI had in June 2017 authorised the board of the financial services group to raise up to $400 million through a convertible bond issue.
The pan-African group also stated that the $400 million convertible bond issue will be listed on the London Stock Exchange (LSE).
ETI is listed on the Nigerian Stock Exchange (NSE), Ghana Stock Exchange in Accra and the West Africa Stock Exchange (BRVM) in Abidjan.
Read also: Shareholders kick as Lafarge Africa moves to raise N131bn, mulls merger
In an update filed with the NSE in Lagos, ETI stated that it has appointed transaction advisers to advise on the completion of the structure and terms of the convertible bond in line with the approval given by shareholders.
ETI stated that the bond issue is expected to be completed before end of 2017, adding that subject to the necessary legal and regulatory authorisations, the convertible bond will be listed on the International Securities Market (ISM) of the London Stock Exchange by end of 2017.
ETI will use the net proceeds of the $400 million bond issue to repay the bridging finance required to create a resolution vehicle to manage Ecobank’s legacy loan portfolio and to optimise the maturities of the group’s debt portfolio.
RipplesNigeria… without borders, without fears
Click here to join the Ripples Nigeria WhatsApp group for latest updates.
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.
If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: In Kwara, multimillion-naira milk processing plant is abandoned, converted to a chicken outlet
After the government spent millions of naira to establish a milk processing plant in Kwara State that would provided jobs...
SPECIAL REPORT: For Sokoto communities, promise of healthcare is akin to death sentence
In this story, ABDULRASHEED HAMMAD delves into the dire realities of Primary Health Care services in Sokoto State, shedding light...
ICYMI…SPECIAL REPORT: NNPCL hides behind PIA to frustrate disclosure, accountability
Nigeria’s major oil company, Nigerian National Petroleum Corporation Limited (NNPCL), in what appears to be a common practice of disregard...
INVESTIGATION: Multi-million naira Ekiti resort center remains uncompleted a decade after
The multimillion-naira project, expected to comprise recreational buildings, now consists of cassava farmland, a bush used for excretion, and a...
SPECIAL REPORT: Torturous experiences of students with disabilities in Oyo tertiary institutions
For students with disabilities in Oyo state-owned tertiary institutions, learning is a torturous and distressing experience, considering the building structures...