Bondholders who validly tendered their notes ahead of the February 2026 maturity date have been fully repaid by Ecobank Nigeria Limited.
The company issued a $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.
But on November 27, 2025, Ecobank Nigeria launched a tender offer to eligible noteholders in respect of the outstanding $150 million on the bond, providing them with an opportunity to redeem their holdings ahead of maturity.
The early and late tender participation deadlines were December 11, 2025, and December 29, 2025, respectively.
Business Post reports that investors responded positively, with about $245 million of the $300 million Eurobond, representing more than 80 per cent of the total issuance, fully repaid.
It was learned that holders of notes validly tendered and accepted, received a cash consideration of $1,000 per $1,000 in principal amount, in addition to accrued interest from the last interest payment date up to, but excluding, the final settlement date of December 31, 2025.
Following completion of the offer, the outstanding principal amount of the notes has been reduced to approximately $55.092 million, reflecting the lender’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 financial adviser and dealer manager, while Sodali & Co Limited served as tender agent.