April 27, (THEWILL) – Access Bank Plc has concluded the sale of $50 million Step-Up Green Notes due 2027. The Green Note, represents a debt instrument which investors buy into as lenders, while the issuer/borrower (Access Bank) pays back with interest on maturity.
In a statement issued Wednesday, Access Bank said that proceeds from the Notes will be utilised to finance or refinance its new and existing projects and assets.
The Notes were issued in a private placement under Access Bank’s $1,500,000,000 Global Medium Term Note Program, the Tier-1 lender stated.
“We write to notify Nigerian Exchange Limited (the “NGX”), that our banking subsidiary Access Bank PIc (“Access Bank” or the “Bank”) has concluded the sale of a U.S.$50,000,000 Step-Up Green Notes due 2027 (the “Notes”) under its U.S.$1,500,000,000 Global Medium Term Note Programme through a private placement.
“The Notes will be issued in registered form with a settlement date of 03 May 2022 and maturity date of 03 May, 2027. The net proceeds from the issuance of the 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 bank stated.
The Bank stated that the apex bank has given approval for the transition.
According to Access Bank, “The Notes will also be listed on the London Stock Exchange and registered under the Reg S rules. Access Bank’s regulator, the Central Bank of Nigeria, has given its ‘No Objection’ and approval to the transaction.”
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Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
