Ecobank repays $400m convertible debt
“As a result, ETI redeemed the debt at 110% of the principal amount, in line with the terms of the convertible debt agreements,”
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Parent company of Ecobank Ghana, Ecobank Transnational Incorporated (ETI), has announced the payment of $400m to holders of its convertible debt.
In a statement issued by the Company Secretary, Madibinet Cisse, the payment followed the decision by holders to not exercise their option to convert their holding into ordinary shares during the conversion period of October 19, 2019 to October 13, 2022.
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“As a result, ETI redeemed the debt at 110% of the principal amount, in line with the terms of the convertible debt agreements,” said the statement.
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“The repayment did not affect ETI’s regulatory capital since the debt had been fully amortised for capital in 2021,” the statement added.
The convertible debt instrument issued in October 2017, has a maturity period of five years.
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ETI is the leading private pan-African banking group with unrivalled African banking expertise. The Group was established in 1985 with a pan-African vision and mandate to drive financial integration.
The bank is present in 39 countries, including 35 in sub-Saharan Africa, an affiliate in France, and representative offices in the United Kingdom, United Arab Emirates and China.
Ecobank Transnational Incorporated (ETI) is listed on the Nigerian Exchange, Ghana Stock Exchange and Bourse Régionale des Valeurs Mobilières.
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