Ecobank Nigeria Limited has completed the repayment of bondholders who validly tendered their notes ahead of the February 2026 maturity date, following a successful tender offer on its $300 million Eurobond.
The bank had earlier issued the $300 million Eurobond with an original maturity date of February 16, 2026. The notes were originally issued by EBN Finance Company B.V., with limited recourse to the issuer, for the sole purpose of financing the purchase of the $300 million 7.125 per cent Senior Note due 2026 issued by Ecobank Nigeria Limited.
On November 27, 2025, Ecobank Nigeria launched a tender offer to eligible noteholders in respect of the outstanding $150 million on the bond. The move allowed investors the opportunity to redeem their holdings before maturity. The early and late tender participation deadlines were December 11, 2025, and December 29, 2025, respectively.
Investors showed strong interest in the offer, with about $245 million of the $300 million Eurobond, representing over 80 per cent of the total issuance, fully repaid. According to information obtained, holders of notes validly tendered and accepted received a cash consideration of $1,000 per $1,000 in principal amount. They also received accrued interest from the last interest payment date up to, but excluding, the final settlement date of December 31, 2025.
Following the completion of the offer, the outstanding principal amount of the notes has now been reduced to about $55.092 million. This reflects Ecobank’s proactive approach to liability management and prudent balance sheet optimisation.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) acting as the financial adviser and dealer manager, while Sodali & Co Limited served as the tender agent.
