Access Bank Concludes Sale of $50Million Step-up Green Notes

Access Bank Plc has concluded the sale of a $50 million step-up Green Notes due 2027 under its $1.5 billion Global Medium Term Note Programme through a private placement.

In a notice at the Nigerian Exchange (NGX), the group said the note will be listed in registered form with a settlement date of 03 May 2022 and maturity date of 03 May 2027.

In the disclosure signed by the company secretary, Mr Sunday Ekwochi, Access Holdings stated that the senior unsecured debt instrument has a five-year tenor, maturing on May 3, 2027.

According to the firm, the green notes would be used for projects that meet the “criteria set out in the bank’s green financing framework dated November 18, 2021.”

In the statement, Access Holdings said this new issue, which was executed through a private placement, is under the bank’s $1.5 billion Global Medium Term Note Programme and will be listed on the London Stock Exchange (LSE).

“We write to notify the NGX that our banking subsidiary, Access Bank Plc, has concluded the sale of a $50 million step-up green notes due 2027 under its $1.5 billion Global Medium Term Note Programme through a private placement,” a part of the notice said.

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“The proceeds from the issuance of the green  notes will be used by Access Bank for the financing or refinancing, in part or in full, new and /or existing projects and/or assets meeting the eligibility criteria set out in the bank’s Green Financing Framework dated 18 November 2021,” the notice said.

“The notes will also be listed on the London Stock Exchange and registered under the Reg S rules.”
The Central Bank of Nigeria, Access Bank’s regulator was said to have  given its ‘No Objection’ and approval to the transaction.

It confirmed that, “Access Bank’s regulator, the Central Bank of Nigeria (CBN), has given its No Objection and approval to the transaction,” assuring that the investing community would be “apprised of further developments as they occur.”