Ecobank Transnational Incorporated, the parent company of the Ecobank Group, has successfully raised an additional $125 million through a Eurobond tap, increasing the total size of its 2029 notes to $525 million.

According to a statement released on Tuesday via the Nigerian Exchange Limited, the Lomé-based pan-African bank issued the tap at a premium price of 102.634, resulting in a yield of 9.375 percent. This represents a 100-basis point improvement compared to the original yield of 10.125 percent on the initial $400 million notes issued in October 2024.

The additional capital was raised by reopening (tapping) its existing U.S. dollar-denominated five-year notes due October 2029, which will now be combined into a single series with the original issuance.

The Group reported strong investor demand for the tap, which was oversubscribed by more than twice. Interest came from a broad range of institutional investors, including asset managers, banks, and development finance institutions from Africa, the UK, Europe, the US, Asia, and the Middle East.

The proceeds from the issuance will be used for general corporate purposes, with a significant portion dedicated to refinancing upcoming debt maturities, thereby enhancing the bank’s liquidity and financial flexibility.

Commenting on the development, ETI Group CEO, Jeremy Awori, said the successful tap highlights strong investor confidence in the bank’s growth prospects.

“We are encouraged by the strong support received from international investors, which underscores their continued belief in Ecobank’s resilience and progress in executing our Growth, Transformation and Returns strategy,” he said.

He added, “This tap enhances our financial flexibility and further reinforces our presence in the global capital markets.”

Meanwhile, the Group Chief Financial Officer, Ayo Adepoju, added that the tap issuance supports the Group’s strategic goal of reinforcing its balance sheet through a diversified funding base and a more balanced debt maturity structure.

“This successful tap further strengthens ETI’s financial position in line with its strategic objectives and reflects the institution’s commitment to proactively manage its balance sheet by diversifying funding sources and extending the average debt maturity profile of the Group,” Adepoju said.

He thanked the consortium of financial institutions that supported the transaction, including Absa, Africa Finance Corporation, African Export-Import Bank, Mashreq, and Standard Chartered Bank, who served as Joint Lead Managers and Joint Bookrunners.

Ecobank Development Corporation acted as co-manager, with Renaissance Capital Africa serving as the financial adviser.