Ecobank Transnational Incorporated (ETI) has repaid the $500 million Eurobond loans it sourced in 2019. The bond was its inaugural Eurobond it sourced from diverse long-term investors including FMO and Proparco.
The Eurobond was listed on the main market of the London Stock Exchange (LSE) with a coupon rate of 9.5%. The principal and interest repayment which amounted to $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024.
As of December 31, 2023, the total commercial Eurobond obligations of Nigeria amounted to $15.12 billion, representing 35.58 percent of Nigeria’s foreign debt.
Dr Ayo Adepoju, Ecobank Group’s CFO, said his bank showed resilience with the repayment of the Eurobond obligation.
He 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.”
