{"id":1241909,"date":"2022-11-02T14:23:38","date_gmt":"2022-11-02T14:23:38","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/11\/02\/eti-repays-holders-of-banks-400m-convertible-debt\/"},"modified":"2022-11-02T14:23:38","modified_gmt":"2022-11-02T14:23:38","slug":"eti-repays-holders-of-banks-400m-convertible-debt","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/11\/02\/eti-repays-holders-of-banks-400m-convertible-debt\/","title":{"rendered":"ETI repays holders of bank\u2019s $400m convertible debt"},"content":{"rendered":"<p><\/p>\n<div>\n<h2>Ecobank Transnational Incorporated (ETI), the Lom\u00e9-based parent company of the Ecobank Group, has repaid upon maturity, the five-year US$400 million convertible debt issued in September and October of 2017.<\/h2>\n<p>A release signed by the Group General Counsel and Company Secretary, Madibinet Cisse, and copied to the Graphic Business said: \u201cThe holders of the convertible debt did not exercise their option to convert their holding into ordinary shares during the conversion period of October 19, 2019 to October 13, 2022.\u201d<\/p>\n<p>As a result, the release said ETI redeemed the debt at 110 per cent of the principal amount, in line with the terms of the convertible debt agreements.<\/p>\n<p>\u201cIn addition, the repayment did not affect ETI\u2019s regulatory capital since the debt had been fully amortised for capital in 2021,\u201d it said.<\/p>\n<p><strong>Convertible debt<\/strong><\/p>\n<p>With convertible debt, a business borrows money from a lender or investor where both parties enter the agreement with the intent (from the outset) to repay all (or part) of the loan by converting it into a certain number of its preferred or common shares at some point in the future<\/p>\n<p><strong>Company background<\/strong><\/p>\n<p>Ecobank Group is the leading private pan-African banking group with unrivalled African banking expertise.<\/p>\n<p>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.<\/p>\n<p>Its unique Pan-African platform provides a single gateway for payments, cash management, trade, and investments across the continent and beyond.<\/p>\n<\/p><\/div>\n<p><script type=\"fdf479cf5e04c26e97dbe9ff-text\/javascript\">\n!function(f,b,e,v,n,t,s){if(f.fbq)return;n=f.fbq=function(){n.callMethod?\nn.callMethod.apply(n,arguments):n.queue.push(arguments)};if(!f._fbq)f._fbq=n;\nn.push=n;n.loaded=!0;n.version='2.0';n.queue=[];t=b.createElement(e);t.async=!0;\nt.src=v;s=b.getElementsByTagName(e)[0];s.parentNode.insertBefore(t,s)}(window,\ndocument,'script','https:\/\/connect.facebook.net\/en_US\/fbevents.js');\nfbq('init', '771749920311523', {}, {agent: 'pljoomla'});\nfbq('track', 'PageView');\n<\/script><script type=\"fdf479cf5e04c26e97dbe9ff-text\/javascript\">(function(d, s, id) {\n\t\t\t\t  var js, fjs = d.getElementsByTagName(s)[0];\n\t\t\t\t  if (d.getElementById(id)) return;\n\t\t\t\t  js = d.createElement(s); js.id = id;\n\t\t\t\t  js.src=\"https:\/\/connect.facebook.net\/en_GB\/all.js#xfbml=1&appId=342494502508165\";\n\t\t\t\t  fjs.parentNode.insertBefore(js, fjs);\n\t\t\t\t}(document, 'script', 'facebook-jssdk'));<\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ecobank Transnational Incorporated (ETI), the Lom\u00e9-based parent company of the Ecobank Group, has repaid upon maturity, the five-year US$400 million convertible debt issued in September and October of 2017. A release signed by the Group General Counsel and Company Secretary, Madibinet Cisse, and copied to the Graphic Business said: \u201cThe holders of the convertible debt [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1241911,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[19863,1274,14370,1580,28413,1973,28414],"class_list":["post-1241909","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-400m","tag-banks","tag-convertible","tag-debt","tag-eti","tag-holders","tag-repays"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1241909","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1241909"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1241909\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1241909"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1241909"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1241909"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}