Ecobank plans international debt raise to refinance $350m Notes

Ecobank Transnational Incorporated (ETI), the parent company of Ecobank Group, has announced plans to raise funds from the international debt capital market to refinance existing obligations and support its green financing initiatives.

The bank disclosed this in a filing submitted to the Nigerian Exchange Limited, Ghana Stock Exchange, and the Bourse Régionale des Valeurs Mobilières.

The proposed issuance is aimed at refinancing its existing $350 million 8.750% Tier 2 Notes due in June 2031 and strengthening its capital structure.

According to the disclosure signed by Group Chief Financial Officer, Ayo Adepoju, ETI intends to issue Tier 2 qualifying Nature Notes under U.S. SEC Rule 144A and Regulation S.

“The net proceeds of the issue of the Notes will be deployed to finance the concurrent any-and-all tender offer of the ETI U.S.$350 million 8.750% Tier 2 notes due June 2031,” the bank stated.

It added that proceeds from the issuance will also be allocated toward financing and refinancing eligible green assets under its Green Bond Framework.

“ETI will allocate an amount equivalent to the full net proceeds of the issue of the Notes to finance or re-finance, in part or in full, new and/or existing eligible assets as described in ETI’s Green Bond Framework,” it said.

The bank noted that the planned issuance reflects its strategy to strengthen capital adequacy while advancing sustainable finance initiatives across its operations.

It also disclosed plans to list the Notes on the London Stock Exchange, with trading expected on its regulated market.

“ETI intends to list the Notes on the London Stock Exchange, with the expectation that the Notes will be traded on its regulated market,” it stated.

The proposed capital raise follows a series of capital management initiatives by the Group, including its $250 million Additional Tier 1 issuance approved at an Extraordinary General Meeting in May 2025.

The AT1 issuance was designed to strengthen regulatory capital and support the Group’s expansion across its pan-African banking operations.

ETI stated that the issuance was conducted through private placement and formed part of its long-term financial resilience strategy under Basel III requirements.

The Group reiterated its commitment to sustainable growth, capital optimisation, and continued expansion across African markets.