Guaranty Trust Bank Plc, GTBank, has announced the redemption of an outstanding part of the $500,000,000 Eurobond Notes due May 19, 2016.
In February 2016, the bank successfully issued a Cash Tender Offer (the “Tender Offer” or “Offer”) to repurchase any and all the outstanding US$500m 7.5% Eurobond Notes due May 2016 (the “Securities”) as part of its effective liability management strategy.
The tender which was the first of its kind involving a Nigerian corporate body in any capacity in the international capital markets, was well received by analysts and investors.
The securities were issued by GTB Finance B.V. (“GTB Finance”) – a direct, wholly owned subsidiary of the bank – GTB Finance B.V. (the “Offeror”) – on the back of an unconditional and irrevocable guarantee of the bank.
At the expiration of the tender offer, an aggregate principal amount of US$126,586,000 of the securities was successfully and validly tendered.
3,522 total views
What Do You Rate This
[Total: 0 Average: 0]
See what people are saying on FB