Ecobank Redeems $400m Debt

Ecobank Redeems $400m Debt

Ecobank Transnational Incorporated (ETI) has announced the repayment of its 5-year US$400 million convertible debt to holders, according to its latest regulatory filing.

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

It said the holders of the convertible debt did not exercise their option to convert their holdings 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. READ: Zenith Bank Redeems $500m Eurobond Notes

In addition, the group said the repayment did not affect ETI’s regulatory capital since the debt had been fully amortised for capital in 2021. # Ecobank Redeems 5-Year $400m Debt at 110%