By Aduragbemi Omiyale
One of the leading financial institutions, Ecobank Transnational Incorporated (ETI), has sold Eurobond worth $400 million to investors.
A note from the company disclosed that the paper was issued at an interest rate of 10.125 per cent.
Business Post reports that the dollar-denominated bond has a maturity of five years and is expected to be redeemed by the organisation in October 2029.
The lender, in the statement to the Nigerian Exchange (NGX) Limited on Thursday, said part of the proceeds from the exercise would be used to repay the $350 million loan it obtained in March.
“Ecobank Transnational Incorporated (ETI) announces the successful pricing of its $400 million 10.125 per cent notes due October 15, 2029, with interest payable semi-annually in arrears on April 15 and October 15 in each year, commencing on April 15, 2025.
“The net proceeds from the issuance of the notes will be used for general corporate purposes, including refinancing of the $350 million senior bridge-to-bond loan facility entered into in March 2024,” the disclosed said.
Ecobank operates in Nigeria and other African countries, with its headquarters in Lome, Togo.