Ecobank Transnational Incorporated (ETI) says it has successfully repaid its $500 million five-year eurobond on Thursday, in testament to its financial strength.
Dr Ayo Adepoju, Group Chief Financial Officer, ETI revealed this in a notification sent to the Nigerian Exchange Ltd.(NGX) on Thursday in Lagos.
Adepoju explained that the bond, due on April April 18 and which marked ETI’s inaugural eurobond issuance in April 2019, was warmly received by a diverse group of global investors.
He said that this included its esteemed long-term development partners, FMO and Proparco, who acted as anchor investors to the issuance.
According to him, the bond was listed on the main market of the London Stock Exchange (LSE) with a coupon rate of 9.5 per cent.
He noted that the principal and interest repayment, totaling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18.
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 characterised 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”.
