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LAGOS - Ecobank Nigeria Limited and EBN Finance Company B.V. announced Monday that holders of 77.58% of their outstanding $300 million senior notes participated in a tender offer, with the companies accepting $150 million worth of the tendered securities.
The companies reported that holders of $232.75 million in principal amount of the 7.125% Senior Note Participation Notes due 2026 submitted tender instructions. Due to high participation, the issuer implemented a proration factor of approximately 63%, accepting $150 million of the $231.32 million tendered before the early participation deadline on July 2.
Noteholders whose securities were accepted will receive $1,012.50 per $1,000 principal amount, plus accrued interest. Those who submitted valid voting instructions in favor of the proposal but whose notes were not purchased due to proration will receive an early consent fee of $2.50 per $1,000 principal amount.
The extraordinary resolution regarding the notes was passed at a meeting held Monday, with 82.65% of outstanding notes voting in favor. The amendment to the senior note has been signed and implemented effective immediately.
Settlement of the tender offer is expected to occur Tuesday, July 8, with all purchased notes to be delivered to the registrar for cancellation.
Renaissance Capital Africa served as financial adviser and dealer manager for the transaction, while Sodali & Co Limited acted as the information, tabulation and tender agent.
The announcement was made as part of a disclosure of inside information under UK Market Abuse Regulation requirements, according to the press release statement.
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