ETI To Refinance $350m Debt With Sustainable Notes Issuance

Ecobank Transnational Incorporated (ETI), the parent company of the Ecobank Group, has announced plans to raise fresh capital from international debt markets through the issuance of Fixed Rate Reset Tier 2 Nature Notes as part of a broader strategy to refinance existing debt and strengthen its sustainable finance portfolio.

In a regulatory disclosure filed with the Nigerian Exchange Limited (NGX), the Ghana Stock Exchange (GSE), and the Bourse Régionale des Valeurs Mobilières (BRVM), seen by THE WHISTLER, ETI said the proposed issuance would be executed under the United States Securities and Exchange Commission’s Rule 144A and Regulation frameworks, allowing participation by qualified international investors.

The Lomé-based pan-African banking group disclosed that proceeds from the planned Notes issuance would primarily finance the concurrent all-cash tender offer for its outstanding US$350 million 8.750 per cent Tier 2 Notes due in June 2031.

According to the bank, an amount equivalent to the net proceeds from the issuance will also be allocated to finance or refinance eligible green and sustainable assets under ETI’s Green Bond Framework, reinforcing the group’s commitment to sustainable financing and environmental responsibility across its African operations.

ETI stated that the proposed Nature Notes are expected to qualify as Tier 2 capital, which forms part of a bank’s supplementary capital base and supports regulatory capital adequacy requirements.

The financial institution further revealed plans to list the Notes on the London Stock Exchange, where they are expected to trade on the exchange’s regulated market, subject to regulatory approvals and prevailing market conditions.

“The issuance of the Notes is subject to prevailing market conditions and the conclusion of the necessary transaction documentation,” the company said in its statement.

The proposed transaction marks another step in Ecobank’s efforts to diversify its funding sources, optimise its capital structure, and align funding activities with global sustainable finance standards.

Ecobank Group operates in 34 African countries and remains one of the continent’s largest banking groups, providing wholesale, retail, investment, and transaction banking services across multiple markets.