June 14, 2014 / 8:07 PM / in 4 years

Ecobank says IFC to swap $75 mln debt into equity on July 1

ABUJA, June 14 (Reuters) - Pan-African lender Ecobank said the International Finance Corporation (IFC) would swap $75.2 million worth of its convertible debt into equity on July 1, increasing Ecobank’s total shares outstanding by 5 percent.

Ecobank said in a regulatory statement late on Friday it would issue 838.3 million shares to two funds managed by the World Bank’s IFC unit, increasing its total shares to 18.1 billion.

IFC invested in the debt in 2010 to support Ecobank’s African expansion. In its latest move, the lender acquired a 96-percent stake in the Mozambican subsidiary of Germany’s ProCredit Holding, raising the number of countries on the continent where it has a presence to 36 countries. (Reporting by Chijioke Ohuocha; Editing by David Dolan)

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