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LOMÉ, TOGO - Ecobank Transnational Incorporated announced Tuesday that noteholders have approved the Extraordinary Resolution related to its U.S.$525 million 10.125% Notes due October 15, 2029.
The resolution, which was outlined in the company’s consent solicitation memorandum dated September 8, was passed during a noteholder meeting held on September 30. According to the company statement, the Supplemental Trust Deed has been executed and the Effective Date has occurred as of Tuesday.
Ecobank indicated that notes blocked as part of the meeting process will be unblocked "as soon as practicable." The bank plans to distribute consent fees on or around October 2 to noteholders who voted in favor of the resolution by either the Early Participation Deadline of September 24 or the Expiration Deadline of September 26.
The announcement did not specify details about the nature of the changes approved through the Extraordinary Resolution or their potential impact on the notes’ terms.
The 10.125% Notes due 2029 were issued with limited recourse to Ecobank Transnational Incorporated, which serves as the parent company of the Ecobank Group, a pan-African banking conglomerate with operations across multiple African countries.
The information was disclosed in a regulatory announcement to the London Stock Exchange, where it was classified as inside information under UK market abuse regulations.
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