Home Brand News GTBANK UNVEILS PLANS TO LAUNCH INTERNATIONAL CASH TENDER OFFER OF $400M
GTBANK UNVEILS PLANS TO LAUNCH INTERNATIONAL CASH TENDER OFFER OF $400M

GTBANK UNVEILS PLANS TO LAUNCH INTERNATIONAL CASH TENDER OFFER OF $400M

12
0

Guaranty Trust Bank Plc (GTBank)  has announced plans to launch an international cash tender offer invitation to holders of its U.S. $400 Million 6.000 per cent Notes due 2018 for re-purchase in exchange for cash.

In a statement signed by the Company Secretary, Mr. Erhi Obebeduo in filing with the Nigerian Stock Exchange, the bank noted that “Through the Offer, GTBank seeks to deploy its available U.S. dollar liquidity to the repurchase of the Notes ahead of the scheduled maturity in November 2018.

“This liability management exercise allows GTBank to efficiently manage its liquidity by addressing debt maturing in 2018.”

The Bank further added that “The extent to which this goal can be achieved through the Offer will depend on the number of Notes that will be tendered in the Offer, given the voluntary nature of the Offer. The Notes purchased by GTBank under the Offer will be cancelled.”

The commencement and settlement dates for the Offer are September 25, 2017 and October 05, 2017 respectively.

GTBank said it had retained the services of Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, J.P. Morgan Securities Plc. and Morgan Stanley & Co. International Plc. as Dealer Managers in connection with the Offer.

In a similar development, Gtbank has been named among the entries for this year’s SERAS CSR Awards Africa

The theme for the 2017 awards is- Transformational Sustainability: From Social Responsibility to Social Impact. The initiative is aimed at promoting and standardizing corporate social responsibility and sustainability in Nigeria and Africa

 

 

(12)

Brand & Business News BBNEWSTV.COM is a TV platform dedicated to chronicling the impact & activities of Brands in Africa.

BRAND TIPS

Like this post? Subscribe to our daily newsletter