ETI Announces Successful Repayment of $500m Eurobond

Kayode Tokede

Ecobank Transnational Incorporated (ETI) announced on the Nigerian Exchange Limited (NGX)  that it has successfully repaid its $500 million 5-year Eurobond that matured on April 18, 2024.

The Eurobond, which was issued in April 2019 was listed on the London Stock Exchange with a coupon rate of 9.5per cent. The bond garnered support from diverse group of global investors, including development banks, FMO and Proparco, who served as anchor investors.

The repayment, totalling $524 million inclusive of principal and interest, was distributed to bondholders through the transaction agent on the specified maturity date.

Speaking on the repayment, Ecobank’s Group CFO, Mr. Ayo Adepoju in a statement 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.”

The $500 million Eurobond which has been repaid is Ecobank’s inaugural bond to be listed on the London Stock Exchange. However, the group’s first bond issuance was in 2014, when it issued a $200 million bond that was listed on the Irish stock exchange.

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