Ecobank Nigeria to raise $300 million on the international capital market

Ecobank Nigeria, a subsidiary of Ecobank Transnational Incorporated (ETI) has announced its intention to raise some $300 million on the international capital market through the issuance of senior notes.

This is according to a communique made by the ETI Group Head, Adenike Laoye.

Capital raised from the debt issuance, according to the bank will be used to enhance the bank’s capacity to support international trade and service in Africa as well as provide medium-term funding for the bank.

“Ecobank Nigeria Limited, a key subsidiary of Ecobank Transnational Incorporated is seeking to raise capital from the international debt capital market through the issuance of $300 million senior notes (the “Notes”), pursuant to the United States Securities and Exchange Commission Rule 144A and Regulations,” read part of the communique.

The ‘Notes’ as stated in the communique, will be listed on the London Stock Exchange through a Dutch special purposes funding vehicle, and is expected to be traded on the London bourse.