Ecobank to raise $50m 5-year tenor Eurobond to boost operations

Pan-African banking group EcobankTransnational Inc. has mandated four financial institutions to help it raise $50 million from the International Capital Market (ICM) to boost its operations in the continent.

The lender in a filing to the Nigerian Stock Exchange (NSE) on Tuesday said it has appointed Deutsche Bank, Renaissance Capital, Standard Bank and Standard Chartered Bank as joint lead managers for the issuance of $50 million 5-year senior unsecured bond offering.

According to the lender, the proceeds from the offering will be used for the bank’s “corporate purpose.”

The proposed issue is rated Band B- by Fitch and S&P respectively, the bank said in the filing to the capital market regulator. The bank presently has presence in 36 African countries.