Ecobank Nigeria Completes Early Repayment of $300m Eurobond
By Raymond Akorede
Ecobank Nigeria Limited has completed the early repayment of bondholders who validly tendered their notes under its $300 million Eurobond programme, ahead of the bond’s February 2026 maturity.
The bank disclosed this in a statement issued on Tuesday, confirming the successful conclusion of its liability management exercise designed to optimise its balance sheet and reduce refinancing risk.
Under the transaction, Ecobank Nigeria prepaid approximately $245 million, representing more than 80 per cent of the total $300 million Eurobond issuance. The bond, a 7.125 per cent Senior Note, was originally scheduled to mature on 16 February 2026.
According to the statement, the early repayment followed a tender offer launched on 27 November 2025, which invited eligible noteholders to redeem the outstanding portion of the bond before maturity.
The offer covered the remaining $150 million of the notes and provided investors with the option of early exit under clearly defined terms.
Ecobank Nigeria said the early tender deadline closed on 11 December 2025, while the late tender deadline ended on 29 December 2025. Noteholders whose submissions were validly tendered and accepted received $1,000 per $1,000 in principal amount, alongside accrued interest calculated from the last interest payment date up to, but excluding, the final settlement date of 31 December 2025.
Following the completion of the tender process, the bank said the outstanding principal amount on the notes has been reduced to approximately $55.09 million.
“The initiative reflects Ecobank Nigeria’s proactive approach to liability management and prudent balance sheet optimisation,” the bank stated.
The transaction was executed with Renaissance Capital Africa, through its Nigerian subsidiary, Renaissance Securities Nigeria Limited, acting as financial adviser and dealer manager. Sodali & Co Limited served as the tender agent for the offer.
The Eurobond was originally issued by EBN Finance Company B.V., with limited recourse to the issuer, solely to finance the acquisition of the $300 million 7.125 per cent Senior Note issued by Ecobank Nigeria Limited.
Market analysts say the early repayment strengthens the bank’s credit profile and signals confidence in its liquidity position, at a time when Nigerian lenders are increasingly focused on balance sheet resilience and risk management amid tighter global financial conditions.
— GLEBM News
