Ecobank Nigeria Settles $300m Eurobond Ahead of Maturity

Ecobank Nigeria Limited has announced the early repayment of over 80 percent of its $300 million Eurobond, which is set to mature in February 2026. In a statement released on Tuesday, the bank detailed that it completed a tender offer, prepaying approximately $245 million of the outstanding notes.

This amount accounts for more than 80 percent of the total issuance of its 7.125 percent Senior Note Participation Notes due in February.

The tender offer, which was initiated on November 27, 2025, provided eligible noteholders the opportunity to redeem their holdings before the scheduled maturity date of February 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.