Ecobank Transnational Incorporated has repaid its $500 million five-year Eurobond, which was due today, April 18th.
The bank stated this in a corporate filing with the Nigerian Exchange Limited, as obtained by PUNCH Online on Thursday.
The Group Chief Financial Officer, ETI, Ayo Adepoju, said the bond represented ETI’s first Eurobond issuance in April 2019, noting that the repayment serves as evidence of ETI’s robust financial standing.
He said, “The Eurobond was warmly received by a diverse group of global investors, including our esteemed long-term development partners, FMO and Proparco, who acted as anchor investors to the issuance.”
Adepoju added that the Eurobond was listed on the main market of the London Stock Exchange with a coupon rate of 9.5 per cent.
“The principal and interest repayment, totalling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024.
“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.”
In 2019, ETI revealed plans to sell $500m Eurobonds at yields that may rank among the highest from emerging markets in the year.
Bloomberg reported that talk in the market revealed that the notes were priced high nine per cent area as the bank said it planned to sell $500m of its five-year debt.
It said the information of the bank offering five-year senior unsecured notes that might be priced in the high nine per cent area was obtained from a person familiar with the matter, who asked not to be identified because they were not authorised to speak publicly about it.
The shares of ETI are listed and traded on the Nigerian Exchange Limited, the Ghana Stock Exchange, and the BRVM in Abidjan.
-Advertisement-
Grab our latest Magazine, "Kelechi Amadi-Obi - Transcending the worlds of Law, Visual Art and Photography". Get your order fast and stress free.
For more details about Newswire Law&Events Magazine, kindly reach out to us on 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk. You will be glad you did
Download E-MagazineDo you want to be heard, your events covered, your articles published, or need to advertise your products and services on our Blog and Magazine, reach out to us at Newswire Law and Events, you will be glad you did. For more details about our services, please call: 08039218044, 09070309355. Email: newswiremagazine@yahoo.co.uk
