Ecobank Nigeria Settles $300m Eurobond Ahead of Maturity
Ecobank Nigeria Limited has completed the early repayment of more than 80 per cent of its 300 million dollar Eurobond ahead of its February 2026 maturity.
The bank said in a statement on Tuesday that it successfully concluded a tender offer, prepaying about 245 million dollars of the outstanding notes.
According to Ecobank Nigeria, the amount represents over 80 per cent of the total issuance of its 7.125 per cent Senior Note Participation Notes due in February.
The bank explained that the tender offer, launched on Nov. 27, 2025, allowed eligible noteholders to redeem their holdings ahead of the original maturity date of Feb. 16.
It said the early and late participation deadlines for the offer were Dec. 11 and Dec. 29, 2025, respectively. Holders of notes that were validly tendered and accepted received a cash consideration of 1,000 dollars per 1,000 dollars in principal amount, in addition to accrued interest up to, but excluding, the final settlement date of Dec. 31, 2025.
Following the completion of the offer, the outstanding principal amount of the notes has been reduced to about 55.09 million dollars. The bank said the transaction reflects a proactive approach to liability management and balance sheet optimisation.
The tender offer was executed with Renaissance Capital Africa (Renaissance Securities Nigeria Ltd.) acting as financial adviser and dealer manager, while Sodali & Co Ltd. served as tender agent.
The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, to finance the purchase of the 300 million dollar 7.125 per cent Senior Note due in 2026 issued by Ecobank Nigeria Ltd.
Ecobank Nigeria Limited has yet to meet the Central Bank of Nigeria (CBN) recapitalisation ahead of the first quarter of 2026 deadline. The bank’s early eurobond settlement signals the management’s confidence about its going concern certainty. First Holdco Declines by 8% to N2.043trn after Re-Rating
