{"id":14357,"date":"2017-06-17T17:41:57","date_gmt":"2017-06-17T16:41:57","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=14357"},"modified":"2017-06-17T17:41:57","modified_gmt":"2017-06-17T16:41:57","slug":"ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/","title":{"rendered":"Ecobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position"},"content":{"rendered":"

Shareholders of Ecobank Transnational Incorporated (\u2018ETI\u2019), the parent company of the Ecobank Group, (\u2018Ecobank\u2019 or \u2018the Group\u2019), has approved the issue of up to $400 million in convertible bonds to strengthen the bank’s operations.<\/p>\n

The convertible bond issue will have a maturity of 5 years and a coupon of 6.46% above 3-month LIBOR, with an option to convert at an exercise price of 6 US cents during the conversion period. The bonds will be on offer to all Ecobank shareholders on identical terms shortly.<\/p>\n

The proceeds have been earmarked to repay the bridging finance required to create a Resolution Vehicle to manage Ecobank\u2019s legacy loan portfolio and to optimise the maturities of the Group\u2019s debt portfolio.<\/p>\n

This formed the major highlights during ETI’s 29th Annual General Meeting and Extraordinary General Meeting, held in Lom\u00e9, Togo on 16 June 2017.<\/p>

\r\n
Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

Addressing members, Ecobank\u2019s Group Chairman, Emmanuel Ikazaboh, commented: \u201cWe are delighted with the strength of the support shown for the issue by our existing shareholders, as it vindicates the vigorous action taken to address our challenged legacy assets, as well as indicating their confidence in Ecobank\u2019s future.<\/p>\n

\u201cNevertheless, it is a matter of great regret that the Board was unable to recommend the payment of a dividend in respect of 2016,\u201d he continued. \u201cEcobank\u2019s senior management is united in its firm resolve to work urgently, yet diligently, to reinstate cash dividends as soon as ETI\u2019s financial position permits.\u201d<\/p>\n

Commenting on Ecobank\u2019s recent performance, Ade Ayeyemi, Group CEO, said: \u201cDespite continued macroeconomic challenges in some parts of the continent, all of our businesses are making meaningful progress, with an ongoing focus on cost discipline, stringent credit control and the increasing digitisation of our services to enhance the customer experience. We are proactively resolving our legacy loan issues, achieving $2 million of recoveries from the Resolution Vehicle in the first quarter of 2017. I am confident that these positive developments will be reflected in an improving performance from Ecobank going forward.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Shareholders of Ecobank Transnational Incorporated (\u2018ETI\u2019), the parent company of the Ecobank Group, (\u2018Ecobank\u2019 or \u2018the Group\u2019), has approved the issue of up to $400 million in convertible bonds to strengthen the bank’s operations. The convertible bond issue will have a maturity of 5 years and a coupon of 6.46% above 3-month LIBOR, with an …<\/p>\n","protected":false},"author":11,"featured_media":13870,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23],"tags":[2028],"coauthors":[2392,2393],"class_list":["post-14357","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-ecobank-transnational-incorporated-eti"],"yoast_head":"\nEcobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ecobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position - National Wire\" \/>\n<meta property=\"og:description\" content=\"Shareholders of Ecobank Transnational Incorporated (\u2018ETI\u2019), the parent company of the Ecobank Group, (\u2018Ecobank\u2019 or \u2018the Group\u2019), has approved the issue of up to $400 million in convertible bonds to strengthen the bank’s operations. The convertible bond issue will have a maturity of 5 years and a coupon of 6.46% above 3-month LIBOR, with an …\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-17T16:41:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/ecobank-480x330.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"330\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dayo Emmanuel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/ecobank-480x330.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/ecobank-480x330.jpg\",\"width\":480,\"height\":330},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/\",\"name\":\"Ecobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#primaryimage\"},\"datePublished\":\"2017-06-17T16:41:57+00:00\",\"dateModified\":\"2017-06-17T16:41:57+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Ecobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\",\"name\":\"Dayo Emmanuel\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Ecobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/","og_locale":"en_US","og_type":"article","og_title":"Ecobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position - National Wire","og_description":"Shareholders of Ecobank Transnational Incorporated (\u2018ETI\u2019), the parent company of the Ecobank Group, (\u2018Ecobank\u2019 or \u2018the Group\u2019), has approved the issue of up to $400 million in convertible bonds to strengthen the bank’s operations. The convertible bond issue will have a maturity of 5 years and a coupon of 6.46% above 3-month LIBOR, with an …","og_url":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/","og_site_name":"National Wire","article_published_time":"2017-06-17T16:41:57+00:00","og_image":[{"width":480,"height":330,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/ecobank-480x330.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Dayo Emmanuel","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/ecobank-480x330.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/ecobank-480x330.jpg","width":480,"height":330},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/","name":"Ecobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#primaryimage"},"datePublished":"2017-06-17T16:41:57+00:00","dateModified":"2017-06-17T16:41:57+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/ecobanks-shareholders-approve-400-m-convertible-bond-issue-to-strengthen-groups-capital-position\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"Ecobank\u2019s Shareholders Approve $400 m Convertible Bond Issue to Strengthen Group\u2019s Capital Position"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f","name":"Dayo Emmanuel","url":"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/14357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/11"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=14357"}],"version-history":[{"count":1,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/14357\/revisions"}],"predecessor-version":[{"id":14358,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/14357\/revisions\/14358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/13870"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=14357"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=14357"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=14357"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=14357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}