Ecobank repays holders of its $400m Convertible Debt

Ecobank Transnational Incorporated (ETI), the Lomé-based parent company of the Ecobank Group, has announced today that it has repaid upon maturity the 5-year US$400 million convertible debt issued in September and October 2017.

The holders of the convertible debt did not exercise their option to convert their holding into ordinary shares during the conversion period of 19 October 2019 to 13 October 2022. As a result, ETI redeemed the debt at 110% of the principal amount, in line with the terms of the convertible debt agreements. In addition, the repayment did not affect ETI’s regulatory capital since the debt had been fully amortised for capital in 2021.

Source: Ecobank repays holders of its $400m Convertible Debt – StocksWatch (stocksng.com)

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