ETI Pays Off $500m Eurobond Due April 18
BY CHINYERE OBIORA, LAGOS – Ecobank Transnational Incorporated (ETI) has successfully repaid its $500 million five-year Eurobond that matured on Thursday, April 18, 2024.
Issued in April 2019, the Eurobond was listed on the London Stock Exchange (LSE) with a coupon rate of 9.5 percent.
ETI confirmed the development in Lagos during a corporate filing with the Nigerian Exchange Limited (NEL), saying that the bond received support from a diverse group of global investors, including its esteemed long-term development partners, FMO and Proparco, who served as anchor investors.
The repayment, totaling $524 million, including principal and interest, was distributed to bondholders through the transaction agent on the specified maturity date.
Ecobank’s Group Chief Financial Officer (CFO), Ayo Adepoju, who commented on the repayment, 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.”
According to Adepoju; “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.”
