Ecobank Transnational launches consent solicitations for outstanding notes

LOME - Ecobank Transnational Incorporated (ETI) announced Monday it is seeking noteholder approval to modify terms and conditions of its outstanding notes totaling $875 million.

The bank has initiated consent solicitations for holders of its $525 million 10.125% Notes due October 2029 and $350 million Fixed Rate Reset Tier 2 Sustainability Notes due 2031, according to a press release statement.

ETI is offering an early consent fee of $1.25 per $1,000 in principal amount to noteholders who submit valid voting instructions by September 24, 2025. Those who respond after the early deadline but before the final September 26 deadline will receive a reduced fee of $0.25 per $1,000.

The proposed modifications aim to provide ETI with "greater flexibility in light of the evolving financial and operational performance of its Subsidiaries," focusing reporting obligations on subsidiaries with material impact on the group’s financial position.

Meetings for noteholders are scheduled for September 30, 2025, via teleconference. The proposals require approval by a majority of not less than three-quarters of votes cast to pass. If approved, the changes would become effective upon execution of Supplemental Trust Deeds, expected shortly after the meetings.

The quorum requirement for each meeting is representation of more than two-thirds of the outstanding notes’ principal amount. If not met, meetings will be adjourned for 14-42 days with a reduced quorum requirement of one quarter of principal amount.

Renaissance Capital Africa is serving as financial adviser and dealer manager for the solicitations, while Sodali & Co Limited is the information and tabulation agent.

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