Ecobank Successfully Repays $500m Eurobond due April 18

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Ecobank successfully repays $500m Eurobond due April 18. Stay updated on financial market news.

Ecobank Transnational Incorporated has effectively cleared its $500 million 5-year Eurobond that reached maturity on April 18, 2024.

Issued in April 2019, the Eurobond was listed on the London Stock Exchange, featuring a 9.5% coupon rate. It attracted backing from a wide array of global investors, including development banks like FMO and Proparco, who acted as anchor investors.

The repayment, amounting to $524 million covering both principal and interest, was disbursed to bondholders via the transaction agent as scheduled on the maturity date.

Speaking on the repayment, Ecobank’s Group CFO, Ayo Adepoju noted: “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.”

What to know…

The $500 million Eurobond which has been repaid is Ecobank’s inaugural bond to be listed on the London Stock Exchange. However, the group’s first bond issuance was in 2014, when it issued a $200 million bond that was listed on the Irish stock exchange.

In 2021, Ecobank also issued a $300 million 5-year bond at a fixed coupon rate of 7.125%. This bond which will mature in 2026 is also listed on the London Stock Exchange.

Source: Joy News


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