Ecobank repays $500m Eurobond after five years term
Ecobank Transnational Incorporated’s (ETI) said it has successfully repaid its maturing $500 million five-year Eurobond matured on April 20204.
The bank stated this in Lagos during a corporate filing with the Nigerian Exchange Limited.
The bond, which marked its inaugural Eurobond issuance in April 2019, was warmly received by a diverse group of global investors, including its esteemed long-term development partners, FMO and Proparco, who acted as anchor investors to the issuance.
The bond was listed on the main market of the London Stock Exchange with a coupon rate of 9.5 per cent.
The bank stated that the principal and interest repayment, totaling to $524 million, was distributed to bondholders through the transaction agent on the specified bond maturity date.
Commenting on the repayment, Group CFO of Ecobank, Ayo Adepoju, said “This inaugural bond we are retiring today was critical in introducing our firm to a wider array of global investors and contributed to the increased visibility of our brand in the capital markets. When viewed against the backdrop of the difficult operating environment that characterized most of 2023 and is still being felt today – particularly the disruptions in the world supply chain and global financial markets – the Group continues to show resilience through strong liquidity, a robust balance sheet, and a solid Leadership team.”
