The pan-African lender Ecobank Transnational Incorporated (ETI) has just converted $400 million in debt. The holders of the convertible debt chose not to exercise their option to convert their shares into common shares during the conversion period between October 2019 and October 2022.

In a press release, Ecobank announced that it had repaid its $400 million convertible debt over 5 years after maturity. In the company's opinion, the debt instrument was issued in September and October 2017, when the bank received approval from shareholders to raise $400 million to strengthen its capital position.

The decision to repay the convertible debt came on November 1, a day after the company's share price fell on the Nigerian stock market.