Ecobank Nigeria In Early Redemption Of $250m Note

Ecobank Nigeria In Early Redemption Of $250m Note

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Post Views: 87 Ecobank Transnational Incorporated (ETI), on Friday, announced an intention by its Nigerian subsidiary to fully redeem its $250m 8.75% ...

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Ecobank Transnational Incorporated (ETI), on Friday, announced an intention by its Nigerian subsidiary to fully redeem its $250m 8.75% Subordinated Note issued to EBN Finance Company B.V., two years before its 2021 due date.
The statement said the plan to redeem the Subordinated Note issued in August 2014, has been approved by Ecobank Nigeria board, as well as the Central Bank of Nigeria (CBN).
On August 14, 2019, the note will be redeemed along with accrued interest and delisted from the regulated market of Euronext Dublin, be canceled and cease to be outstanding.
According to the statement by Ayo Adepoju, Acting Chief Financial Officer of ETI said the early redemption “is a liquidity management and operational efficiency decision which highlights the strength of Ecobank Nigeria’s balance sheet.”

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