Access Holdings Plc is pleased to announce that its banking subsidiary – Access Bank Plc- (‘the Bank’) (rated ‘B’ stable outlook by Fitch and ‘B2’ negative outlook by Moody’s)-a leading full service Nigerian commercial bank with presence in 17 countries has successful priced a US$50 million Reg S Step-Up Green Notes due 2027 in the international capital market via a private placement. This US Dollar offering represents the second Green Bond issuance by Access Bank, following its debut Naira Green Bond issuance in 2019.
The Step-Up Puttable Green Bond is a 5-year Senior Unsecured Note (Reg S) under Access Bank’s US$1.5 billion Global Medium-Term Note Programme and is listed on the main market of the London Stock Exchange. The Green Bond matures in May 2027 with an investor put option, commencing May 2024. 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 innovative structure enabled the Bank to achieve an attractive pricing, with a blended average cost of funding below fair value, amidst the rising and volatile interest rate environment.
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.
On this Green Bond issuance, the Bank’s Managing Director/CEO, Mr. Roosevelt Ogbonna, 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.
Also commenting on the issuance, Chief Risk Officer, Dr. Gregory Jobome said: “Access Bank’s successful second Green Bond issuance in 3 years demonstrates our strong commitment to the Environmental, Social and Governance principles embedded in our mission, and we look forward to continually delivering on our sustainability objectives”.
Standard Chartered acted as Sole Arranger and Sustainability Structuring Agent on the transaction.
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