Aduragbemi Omiyale
By Aduragbemi Omiyale
The $500 million Eurobond issued to investors by Ecobank Transnational Incorporated in April 2019 has been redeemed by the financial institution.
The corporate debt instrument matured on Thursday, April 18, 2024, and the bondholders were repaid their initial investment in the financial asset.
It was the debut Eurobond of the lender and over the five-year period, about $24 million was paid to investors as coupon, according to a statement issued by the bank yesterday.
Ecobank stated that the repayment of the bond marks its “financial strength” and the trust and confidence investors have in the company.
“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,” the Chief Financial Officer of Ecobank Group, Ayo Adepoju, stated.
The Ecobank $500 million Eurobond was listed on the main market of the London Stock Exchange (LSE) after issuance with a coupon rate of 9.5 per cent.
