Ecobank Transnational Incorporated (ETI) has successfully priced its $400 million notes with a 10.125 percent interest rate, maturing on October 15, 2029. Interest payments will be made semi-annually in arrears on April 15 and October 15, starting from April 15, 2025.
The funds raised from this issuance will be allocated for general corporate purposes, which include refinancing the $350 million Senior Bridge-to-Bond Loan Facility established in March 2024.
This marks ETI's third issuance in the international bond markets and represents the first public Eurobond issuance by a financial institution in Sub-Saharan Africa since 2021.
The transaction garnered strong interest, with significant demand from both international and African investors, resulting in a final order book that was oversubscribed. This reflects the confidence investors have in Ecobank’s Growth Transformation and Returns Strategy.
ETI expresses gratitude for the collaboration and support from Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who served as Joint Lead Managers and Joint Bookrunners. Additionally, Renaissance Capital Africa acted as the Financial Adviser for this transaction.
The bank also acknowledges the vital support from its Development Finance Institution partners, including the Africa Finance Corporation, PROPARCO, and the Eastern and Southern African Trade and Development Bank, who played a key role in anchoring the transaction.