Ecobank Transnational Incorporated redeems $400m convertible debt

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BY BAMIDELE FAMOOFO

Uba Group

Ecobank Transnational Incorporated, the Lomé-based parent company of the Ecobank Group, has announced that it has repaid upon maturity the 5-year $400 million ( about N176 billion) 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 percent 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.

Ecobank Group 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.

Today, Ecobank Group 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. Its unique Pan-African platform provides a single gateway for payments, cash management, trade, and investments across the continent and beyond. The company offers a comprehensive range of financial products, services, and solutions across multiple channels, including digital, through our Consumer, Commercial, Corporate and Investment Banking businesses. The Group employs 13,000 people, serving over 32 million customers, and is listed as Ecobank Transnational Incorporated on the Nigerian Exchange, Ghana Stock Exchange and Bourse Régionale des Valeurs Mobilières.