Africa’s Ecobank launches $400 million five-year notes to yield 9¾%

By Rebecca Melvin

New York, April 11 – Ecobank Transnational Inc. launched a $400 million offering of five-year notes to yield 9¾% on Thursday, according to a market source.

Pricing of the Rule 144A and Regulation S notes was tightened from initial talk in the high 9% area. But deal size was set at the low end of the $400 million to $500 million range.

Order books were in excess of $550 million.

Deutsche Bank, Renaissance Capital, Standard Bank and Standard Chartered Bank are active bookrunners and lead managers of the notes, and Mashreqbank is a passive lead manager.

Lome, Togo-based Ecobank is a pan-African lender serving wholesale and retail customers in West and Central Africa.

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