Ecobank Transnational Incorporated (ETI) showcased its financial resilience by successfully repaying its $500 million 5-year Eurobond on Thursday.
As per the company’s statement, this bond, issued for the first time in April 2019, garnered strong interest from a diverse range of global investors, including the bank’s esteemed long-term partners, FMO and Proparco, who played pivotal roles as anchor investors.
Listed on the main market of the London Stock Exchange with a coupon rate of 9.5%, the bond witnessed its principal and interest repayment totaling $524 million, disbursed to bondholders through the transaction agent on April 18, 2024.
Ayo Adepoju, Ecobank Group’s CFO, expressed, “The retirement of this inaugural bond today was instrumental in expanding our global investor base and elevating our brand visibility in the capital markets.”
He further emphasized, “Against the backdrop of the challenging operating environment experienced throughout 2023 and persisting today, including disruptions in the global supply chain and financial markets, the Group’s resilience is evident through robust liquidity, a solid balance sheet, and effective leadership.”
