Ecobank Transnational Incorporated (ETI) has successfully raised an additional $125 million through a tap of its existing $400 million 10.125% senior notes due October 15, 2029.
The new issuance, which consolidates with the original series launched in October 2024, brings the total outstanding under the instrument to $525 million.
The new Eurobond notes were priced at 102.634, reflecting an effective yield of 9.375%, which represents a 100-basis-point tightening compared to the initial offering.
The revised yield signals growing investor confidence in the Group’s long-term strategic positioning and execution capacity.
According to the bank, the proceeds will be deployed primarily toward refinancing near-term debt obligations and for general corporate purposes.
The transaction attracted significant interest from institutional investors across multiple regions, including Africa, the UK, Europe, the U.S., Asia, and the Middle East.
The final orderbook was oversubscribed by more than two times, indicating robust market appetite for Ecobank credit.
Jeremy Awori, Group Chief Executive Officer, said the offering reflects the strength of the bank’s strategic framework.
“The strong investor support underscores continued market confidence in our Growth, Transformation, and Returns (GTR) strategy. This additional capital strengthens our balance sheet and further enhances our access to global funding channels.”
Group Chief Financial Officer Ayo Adepoju described the transaction as a proactive step toward maintaining financial flexibility.
“The tap aligns with our objective to diversify funding sources and extend the Group’s debt maturity profile. We appreciate the trust shown by our partners and the role this transaction plays in fortifying our capital structure.”
Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank acted as Joint Lead Managers and Bookrunners. Ecobank Development Corporation served as Co-manager, while Renaissance Capital Africa acted as Financial Adviser.
