Ecobank Transnational Incorporated (ETI) has successfully priced its $400 million notes, featuring an interest rate of 10.125 percent, set to mature on October 15, 2029. Interest payments will be made semi-annually, starting on April 15, 2025.
The proceeds from this issuance will primarily support general corporate initiatives, including the refinancing of a $350 million Senior Bridge-to-Bond Loan Facility secured in March 2024.
This marks ETI’s third foray into the international bond markets and represents the first public Eurobond issuance by a financial institution in Sub-Saharan Africa since 2021.
The transaction received strong interest, with international and African investors demonstrating significant demand. The final order book showed oversubscription, reflecting investor confidence in Ecobank’s Growth Transformation and Returns Strategy.
Ecobank expressed gratitude to its partners, including 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 the transaction.
The bank also acknowledged the crucial support from Development Finance Institution partners, including Africa Finance Corporation, PROPARCO, and the Eastern and Southern African Trade and Development Bank, which played a key role in anchoring this transaction.