Fidelity Bank redeems $400m Eurobond Notes

Fidelity Bank redeems $400m Eurobond Notes

Fidelity Bank Plc has announced the redemption of the $400,000,000.00 Eurobond notes issuance due October 17, 2022, according to a statement. 

Recall that exactly five years ago, the Tier-2 Nigerian lender successfully issued a US$400 million Eurobond for subscription.

The transaction also included a Tender Offer for the refinancing of the Bank’s US300 million Senior Unsecured Notes issued in May 2018 – the largest combined new issue & liability management offering ever by a Nigerian issuer and was well received by analysts and investors.

It was managed by consortiums, including Citigroup Incorporated, Renaissance Capital and Standard Bank Group Limited achieved an oversubscribed order book of $630million. READ:Zenith Bank Redeems $500m Eurobond Notes

Upon final maturity of the Eurobond, note holders received a total of US$421 million covering the principal amount and the accrued 6 months coupon in line with the executed Trust Deeds.  

According to the Bank’s MD/CEO; Nneka Onyeali-Ikpe, “the liquidation of the notes despite the strong headwinds in the domestic economy – especially when viewed against the backdrop of short dollar supply, is a testament to the strong liquidity position of the bank and the resilience of our balance sheet”.

Fidelity Bank is one of the leading financial institutions in Nigeria.

#Fidelity Bank redeems $400m Eurobond Notes#

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