ECOBANK TRANSNATIONAL INCORPORATED (ETI) EUROBOND PRICING ANNOUNCEMENT
Key Details:
1. Issuance of $400 Million Notes: Ecobank Transnational Incorporated (ETI) has successfully priced its $400 million notes with an interest rate of 10.125%. These notes are set to mature on October 15, 2029, with semi-annual interest payments due every April 15 and October 15, starting from April 15, 2025.
2. Purpose of the Notes: The proceeds from the issuance of these notes will be used for general corporate purposes. Specifically, ETI will refinance a $350 million Senior Bridge-to-Bond Loan Facility obtained in March 2024. This facility is part of their broader financial strategy.
3. Target Audience & Jurisdictions:
This offering is limited to certain eligible investors, excluding persons in the United States, Australia, Canada, Japan, South Africa, and other jurisdictions where such offerings would be illegal.
In the U.K., it is directed at professional clients and eligible counterparties under specific regulatory frameworks.
4. Regulatory Restrictions: The notes will not be registered under the securities laws of Nigeria, Ghana, or UEMOA (West African Economic and Monetary Union) regions. In the U.S., only qualified institutional buyers can participate, and no public offering will occur.
5. Legal Notices: ETI emphasizes that this communication should not be considered an offer or solicitation to purchase securities where it would be unlawful. The notes are not registered under the U.S. Securities Act and are subject to strict regulations regarding distribution.
6. Disclaimers and Risks: The ratings assigned to these notes by various agencies are not recommendations to buy, sell, or hold and can change over time. Investors are encouraged to review the full prospectus, which will be available on ETI’s website.
This announcement is significant as it demonstrates ETI's ongoing efforts to manage its financial obligations while raising funds for further corporate activities. The note's high-interest rate reflects current market conditions and the demand for higher yields.
Key Details:
1. Issuance of $400 Million Notes: Ecobank Transnational Incorporated (ETI) has successfully priced its $400 million notes with an interest rate of 10.125%. These notes are set to mature on October 15, 2029, with semi-annual interest payments due every April 15 and October 15, starting from April 15, 2025.
2. Purpose of the Notes: The proceeds from the issuance of these notes will be used for general corporate purposes. Specifically, ETI will refinance a $350 million Senior Bridge-to-Bond Loan Facility obtained in March 2024. This facility is part of their broader financial strategy.
3. Target Audience & Jurisdictions:
This offering is limited to certain eligible investors, excluding persons in the United States, Australia, Canada, Japan, South Africa, and other jurisdictions where such offerings would be illegal.
In the U.K., it is directed at professional clients and eligible counterparties under specific regulatory frameworks.
4. Regulatory Restrictions: The notes will not be registered under the securities laws of Nigeria, Ghana, or UEMOA (West African Economic and Monetary Union) regions. In the U.S., only qualified institutional buyers can participate, and no public offering will occur.
5. Legal Notices: ETI emphasizes that this communication should not be considered an offer or solicitation to purchase securities where it would be unlawful. The notes are not registered under the U.S. Securities Act and are subject to strict regulations regarding distribution.
6. Disclaimers and Risks: The ratings assigned to these notes by various agencies are not recommendations to buy, sell, or hold and can change over time. Investors are encouraged to review the full prospectus, which will be available on ETI’s website.
This announcement is significant as it demonstrates ETI's ongoing efforts to manage its financial obligations while raising funds for further corporate activities. The note's high-interest rate reflects current market conditions and the demand for higher yields.