By Rebecca Melvin
New York, April 11 – Ecobank Transnational Inc. priced $450 million 9½% five-year notes (B-/B) on Thursday at 99.029 to yield 9¾%, or a spread of U.S. Treasuries plus 744.6 basis points, according to a syndicate source.
Pricing of the Rule 144A and Regulation S notes was tightened from initial talk in the high 9% area, while deal size was set in the middle of an expected range of $400 million to $500 million.
Deutsche Bank, Renaissance Capital, Standard Bank and Standard Chartered Bank were active bookrunners and lead managers of the notes, and Mashreqbank was a passive lead manager.
The proceeds will be used for general corporate purposes, which will include the refinancing of a portion of Ecobank’s existing bank debt.
Lome, Togo-based Ecobank is a pan-African lender serving wholesale and retail customers in West and Central Africa.
| Issuer: | Ecobank Transnational Inc.
|
| Amount: | $450 million
|
| Maturity: | April 18, 2024
|
| Description: | Notes
|
| Bookrunners: | Deutsche Bank, Renaissance Capital, Standard Bank and Standard Chartered Bank
|
| Passive lead manager: | Mashreqbank
|
| Coupon: | 9½%
|
| Price: | 99.029
|
| Yield: | 9¾%
|
| Spread: | Treasuries plus 744.6 bps
|
| Pricing date: | April 11
|
| Settlement date: | April 18
|
| Ratings: | S&P: B-
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | High 9% area
|
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