Ecobank Completes Repayment of Tendered $300m Eurobond Notes

Kayode Tokede

Ecobank Nigeria Limited has announced that it has fully repaid bondholders who validly tendered their notes ahead of the February 2026 maturity date.

The bank announced the successful completion of its tender offer, under which it prepaid approximately $245 million of its $300 million Eurobond, representing more than 80 per cent of the total issuance. The transaction relates to the 7.125 per cent Senior Note Participation Notes due February 2026.

“On 27 November 2025, Ecobank Nigeria Limited launched a tender offer to eligible noteholders in respect of the outstanding $150 million on the bond, providing them with an opportunity to redeem their holdings ahead of the original maturity date of 16 February 2026. The early and late tender participation deadlines were 11 December 2025 and 29 December 2025, respectively.

“Holders of notes validly tendered and accepted, received a cash consideration of $1,000 per $1,000 in principal amount, in addition to accrued interest from the last interest payment date up to, but excluding, the final settlement date of December 31, 2025.

“Following completion of the offer, the outstanding principal amount of the notes has been reduced to approximately $55.092 million. The initiative reflects Ecobank Nigeria’s proactive approach to liability management and prudent balance sheet optimisation,” it said.

The tender offer, it added, was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as financial adviser and dealer manager, while Sodali & Co Limited served as tender agent. “The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the $300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria Limited,” it added.