Chicago, Feb. 16 – Ecobank Nigeria Ltd. sold $300 million of 7 1/8% senior notes with a five-year tenor (B-/B-), according to a press release.
Order books were more than three-times oversubscribed.
Citi, Mashreq, Renaissance Capital and Standard Chartered Bank were the joint bookrunners and joint lead managers for the Rule 144A and Regulation S deal.
The notes will be listed on the London Stock Exchange.
Proceeds will provide medium-term funding and help enhance the capacity of the bank to support international trade and service in Africa.
The issuer is a subsidiary of Ecobank Transnational Inc., parent company of the Ecobank Group, a leading pan-African banking group with operations in 34 countries. Ecobank has headquarters in Lome, Togo.
| Issuer: | Ecobank Nigeria Ltd.
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| Amount: | $300 million
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| Maturity: | February 2026
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| Securities: | Senior notes
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| Bookrunners: | Citi, Mashreq, Renaissance Capital and Standard Chartered Bank
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| Coupon: | 7 1/8%
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| Ratings: | S&P: B-
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| Fitch: B-
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| Pricing date: | Feb. 11
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| Settlement date: | Feb. 16
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| Distribution: | Rule 144A and Regulation S
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| Marketing: | Investor call
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