The African Export-Import Bank (Afreximbank) has announced its role as Joint Lead Manager and Bookrunner in Ecobank Transnational Incorporated’s (ETI) $400 million senior unsecured note issuance. The notes, carrying a 10.125% interest rate, are set to mature in October 2029 under Rule 144A/Reg S.
Proceeds from the issuance will support the issuer’s general corporate activities, including the refinancing of a $350 million senior bridge-to-bond loan facility, coordinated by Afreximbank in March 2024.
The issuance was met with strong demand, achieving a peak orderbook oversubscription of 2.1 times, with over 70 investors, including development finance institutions, asset managers, commercial banks, and insurers from Africa, the UK, the USA, Europe, and the Middle East.
Professor Benedict Oramah, President of Afreximbank, expressed pride in supporting ETI with this milestone Eurobond issuance, marking the first public bond offering by a Sub-Saharan African financial institution since 2021. He highlighted Afreximbank’s role in delivering innovative financial solutions for African banking partners.
Afreximbank's Advisory and Capital Markets (ACMA) department collaborated with both African and international partners to ensure the successful placement of the issuance.
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