As evidence of its sound financial standing, Ecobank Transnational Incorporated (ETI) claims that it successfully repaid its $500 million, five-year eurobond on Thursday. This was disclosed in a statement filed on Thursday in Lagos to the Nigerian Exchange Ltd. (NGX) by Dr. Ayo Adepoju, Group Chief Financial Officer of ETI.
Adepoju clarified that a wide range of international investors enthusiastically welcomed the bond, which is due on April 18 and is ETI’s first eurobond issuance in April 2019.
Among them, he stated, were FMO and Proparco, the company’s renowned long-term development partners, who served as anchor investors for the offering. He stated that the bond had a 9.5% coupon rate and was placed on the London Stock Exchange’s (LSE) main market.
He noted that the principal and interest repayment, totaling 524 million dollars, 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”.
