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LAGOS - EBN Finance Company B.V. and Ecobank Nigeria Limited announced Tuesday the completion of their tender offer for the U.S.$300,000,000 7.125% Senior Note Participation Notes due 2026, according to a press release statement.
The tender offer, which expired on December 29, resulted in the acceptance of U.S.$23,803,000 in notes tendered after the Early Participation Deadline of December 11. This follows the company’s November 28 announcement inviting holders to tender notes up to an aggregate principal amount of U.S.$150,000,000.
Holders of the accepted notes will receive U.S.$1,000.00 per U.S.$1,000 principal amount, plus accrued interest from the last interest payment date up to but excluding the Final Settlement Date, which is expected to be around December 31.
Following the completion of the tender offer, the outstanding principal amount of the notes will be U.S.$55,092,000.
The tender offer was conducted with Renaissance Capital Africa (Renaissance Securities Nigeria Limited) serving as the Financial Adviser and Dealer Manager, while Sodali & Co Limited acted as the Tender Agent.
The notes were originally issued by EBN Finance Company B.V. with limited recourse to the issuer for the sole purpose of financing the purchase of the U.S.$300,000,000 7.125% Senior Note due 2026 issued by Ecobank Nigeria Limited.
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