Guaranty Trust Bak Plc has unveiled plan to cut the overall funding costs of the bank as it announced expiration and final tender results of all cash tender offer with respect to the $500 million 7.50 per cent.
According to the bank, the tender offer is consistent with GTBank’s liability management strategy and reflects the bank’s ongoing efforts to enhance the efficiency of its funding and capital structure as it seeks to reduce its overall funding costs.
Chief Executive Officer of the bank,Segun Agbaje, said: “Subject to applicable law, the offer or any of its affiliates may at any time and from time to time following completion of the offer, purchase the remaining outstanding Securities by tender, in the open market, by private agreement or otherwise on such terms and at such prices as the offeror or, if applicable, its affiliates may determine. Such terms, consideration and prices may be more or less favourable than those offered under the tender offer.”
Agbaje said: “We are pleased with the outcome of this exercise. The offer, which is the first of its kind involving a Nigerian corporate in the international financial market, has enabled us achieve the objective of reducing some of the banks borrowing costs ahead of the maturity of the Eurobond in May this year.”
