Ecobank Nigeria announces early redemption of $250m Subordinate Note


Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Nigeria has announced the early redemption of it USD$250 million Subordinate Note that will be due in 2021.

ETI announced that Ecobank Nigeria Limited (ENG) has formally indicated its intention to fully redeem the $250 million 8.75% Subordinate Note that will be due in 2021. After having secured the approval of the Central Bank Of Nigeria and the Board Of Directors Of the company.

The Subordinate Note Issues by ENG in August 2014, will be redeemed on 14 August 2019, with accrued interest. The Note will be delisted from the regulated market of Euronext Dublin as of 19 August 2019.

Following such redemption, the note will be cancelled and cease to be outstanding.

The early redemption of the Subordinate Note liquidity management and operational efficiency decision which highlight the strength of ENG’s balance sheet.

It will be recalled that Ecobank group in April this year’s floated a USD$50 million Eurobond that was oversubscribed 4.6 times, with improved yield from 9.75% which was the offer price to 8.25%.