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Home Industries Corporate deals

Access Holdings announces successful closure of $50 million green bonds

Ubah Jeremiah Ifeanyi by Ubah Jeremiah Ifeanyi
May 5, 2022
in Corporate deals, Financial Services
Access Holdings announces successful closure of $50 million green bonds

Access Bank’s Managing Director/ Chief Executive Officer

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Access Holdings PIc has announced the successful closure of its $50 million Reg S Step-Up Green Notes due 2027 in the international capital market.

The company disclosed this in a statement made available on the website of the Nigerian Exchange Ltd. (NGX).

The Green Bond was issued with a coupon of 5.50% in the first two years and then steps up (on the put option date) to 7.25% in the last 3 years to maturity, with interest payable semi-annually in arrears. This is Access Bank’s second Green Bond issuance, following its initial Naira Green Bond issuance in 2019.

What the Bank is saying

The statement partly reads, “Access Holdings PIc is pleased to announce that its banking subsidiary – Access Bank Plc-(the Bank’) (rated ‘B’ l stable outlook by Fitch and ‘B2’ negative outlook by Moody’s)-a leading full service Nigerian commercial bank with presence in 17 countries has successfully priced a US$50 million Reg S Step-Up Green Notes due 2027 in the international capital market via a private placement.”

  • The bank added that “The net proceeds from the issuance of the Green Bond, will be used by the 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, on which S&P Global Ratings has provided a second party opinion.”

The Bank’s Managing Director/CEO, Mr Roosevelt Ogbonna restated Access bank’s commitment to be Africa’s Gateway to the World

  • He said, “Our vision at Access Bank remains to be the World’s Most Respected African Bank and Africa’s Gateway to the World as we strive to do so in a sustainable way. This US$50 million 5-Year Step-Up Puttable Green Bond represents another milestone for the Bank and is a testament to our culture of global collaboration and innovation as we extend the frontiers of financial services across the continent.”

The Green Bond matures in May 2027 with an investor put option, commencing May 2024.

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Tags: Access Holdings PIcMr. Roosevelt OgbonnaNGXNigerian Exchange Ltd

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