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In a testament to Ecobank Transnational Incorporated’s (ETI) financial strength, the firm has successfully repaid its maturing $500 million 5-year Eurobond today.
This bond, which marked our inaugural Eurobond issuance in April 2019, 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.
It was listed on the main market of the London Stock Exchange with a coupon rate of 9.5%. The principal and interest repayment, totaling $524 million, was distributed to bondholders through the transaction agent on the bond maturity date of April 18, 2024. Ayo Adepoju, Ecobank Group’s CFO, commented:
“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.”
Ecobank Group is the leading private Pan-African banking and financial services group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, UK, UAE and China, its Pan-African platform provides a single gateway for payments, cash management, trade, and investments.
The Group employs over 15,000 people and offers Consumer, Commercial, Corporate and Investment Banking as well as Payments products, services and solutions across multiple channels including digital, to over 32 million customers.
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