Ecobank Transnational Incorporated (ETI) Plc, the pan-African financial services holding company for the Ecobank group, on Thursday indicated that it plans to complete its forthcoming $400 million capital raising within the next three months.
Shareholders of ETI had in June 2017 authorised the board of the financial services group to raise up to $400 million through a convertible bond issue.
The pan-African group also stated that the $400 million convertible bond issue will be listed on the London Stock Exchange (LSE).
ETI is listed on the Nigerian Stock Exchange (NSE), Ghana Stock Exchange in Accra and the West Africa Stock Exchange (BRVM) in Abidjan.
In an update filed with the NSE in Lagos, ETI stated that it has appointed transaction advisers to advise on the completion of the structure and terms of the convertible bond in line with the approval given by shareholders.
ETI stated that the bond issue is expected to be completed before end of 2017, adding that subject to the necessary legal and regulatory authorisations, the convertible bond will be listed on the International Securities Market (ISM) of the London Stock Exchange by end of 2017.
ETI will use the net proceeds of the $400 million bond issue to repay the bridging finance required to create a resolution vehicle to manage Ecobank’s legacy loan portfolio and to optimise the maturities of the group’s debt portfolio.