Lomé, Togo, 19 March 2025 – Ecobank Transnational Incorporated (ETI) is pleased to announce the successful tap of its U.S.$400 million 10.125% Notes due 15 October 2029 for an additional U.S.$125 million.
The Notes will be consolidated and will form a single series with the U.S.$400 million 10.125% Notes issued on 15 October 2024.
The offering was issued at a premium with a new issue price of 102.634%, or an effective yield of 9.375%, representing a 100-basis-point tightening in yield compared to the original issue. The improved yield demonstrates investor confidence in Ecobank’s strategy execution and growth prospects.
Investor demand was also robust, achieving a final orderbook oversubscription rate of more than 2x, with strong participation from asset managers, banks, and development finance institutions across Africa, the United Kingdom, Europe, the United States, Asia, and the Middle East.
The net proceeds from the issuance of the Notes will be used for general corporate purposes primarily to refinance upcoming debt maturities.
Jeremy Awori, Group CEO, ETI, said: “We are encouraged by the strong support received from international investors, which underscores their continued belief in Ecobank’s resilience and progress in executing our Growth, Transformation and Returns (GTR) strategy. This tap enhances our financial flexibility and further reinforces our presence in the global capital markets.”
Ayo Adepoju, Group Chief Financial Officer of ETI, added: “This successful tap further strengthens ETI's financial position in line with its strategic objectives and reflects the institution's commitment to proactively manage its balance sheet by diversifying funding sources and extending the average debt maturity profile of the Group. We remain grateful for the support and partnership from Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who acted as Joint Lead Managers and Joint Bookrunners, Ecobank Development Corporation, which acted as Co-manager, and Renaissance Capital Africa, which served as the Financial Adviser for the transaction”.
*Important Note*
This announcement does not contain or constitute an offer of, or the solicitation of an offer to buy or subscribe for, securities to any person in which such offer or solicitation is unlawful. The securities referred to in this press release have not been and will not be registered under the regulations in Nigeria, Ghana and UEMOA, and may not be offered or sold in these regions.
The information contained herein does not constitute an offer to sell or issue, or any solicitation of any offer to purchase, subscribe for or otherwise acquire, the securities referred to herein (the "Notes") in any jurisdiction. The distribution of this communication and other information in connection with any offering of the Notes in certain jurisdictions may be restricted by law and persons into whose possession this communication or other information referred to herein comes should inform themselves about and observe any such restriction. In particular, this announcement and such other information is not for publication or distribution, directly or indirectly, in whole or in part, to US Persons (as defined below) (except as specified below) or into or within the United States (except as specified below), Australia, Canada or Japan, or any other jurisdiction where, or to any other person to whom, to do so would be unlawful. Any failure to comply with these restrictions may constitute a violation of the securities laws in any such jurisdiction.
This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (the "UK Prospectus Regulation”). A prospectus prepared pursuant to the UK Prospectus Regulation is intended to be published on the issuer’s website. Investors should not subscribe for the Notes except on the basis of information contained in the prospectus prepared in relation to the Notes.
UK MiFIR – professionals/ECPs only - The manufacturer target market (UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).
This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom, or (ii) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, or (iv) other persons to whom it may lawfully be communicated (all such persons (i) to (iv) being together being referred to as "relevant persons"). Any investment activity to which this communication may relate is only available to, and any invitation, offer, or agreement to engage in such investment activity will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this communication or any of its contents.
The Notes have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), or the securities laws of any state or other jurisdiction of the United States, and may not be offered, sold, resold, pledged, delivered or transferred, directly or indirectly, into or within the United States or to, or for the account or benefit of, any "U.S. persons" as defined in Regulation S under the Securities Act ("US Persons"). The offer is being made to persons other than US Persons in accordance with Regulation S under the Securities Act. There has been and will be no public offering of the Notes in the United States.
A rating is not a recommendation to buy, sell or hold securities and may be subject to revision, suspension or withdrawal at any time by the assigning rating organisation. Similar ratings for different types of issuers and on different types of notes do not necessarily mean the same thing. The significance of each rating should be analysed independently from any other rating.
-ENDS-
Investor Relations Contact
Ato Arku
Group Investor Relations
Ecobank Transnational Incorporated
Email: ir@ecobank.com
Tel: +228 22 21 03 03
Media Contact
Christiane Bossom
Group Communications
Ecobank Transnational Incorporated
Email: groupcorporatecomms@ecobank.com
Tel: +228 22 21 03 03
About Ecobank Group (or ‘Ecobank Transnational Incorporated’ or ‘ETI’)
Ecobank Group is the leading private pan-African banking group with unrivalled African expertise. Present in 35 sub-Saharan African countries, as well as France, the UK, UAE and China, its unique pan-African platform provides a single gateway for payments, cash management, trade and investment. The Group employs over 15,000 people and offers Consumer, Commercial, Corporate and Investment Banking products, services and solutions across multiple channels, including digital, to over 32 million customers. For further information, please visit www.ecobank.com