Guaranty Trust Bank Plc, on Thursday, February 11, announced the expiration and final tender results of the any and all cash tender offer (the “Tender Offer” or “Offer”) with respect to the $500 million 7.50 per cent.
Notes due 2016 (the “Securities”), which Securities were issued by its wholly owned subsidiary – GTB Finance B.V. (the “Offeror”) – and unconditionally and irrevocably guaranteed by the Bank.
As the expiration deadline for the Tender Offer was February 10, the deadline for tendering the Securities under the Offer has now passed.
An aggregate principal amount of $126,586,000 of the Securities that were validly tendered on or prior to the Expiration Deadline and not validly withdrawn were accepted.
No Securities were tendered through the guaranteed delivery procedures described in the Tender Offer Memorandum dated February 4, 2016 (the “Tender Offer Memorandum”). The Settlement Date for the Tender Offer is February 16, 2016.
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.
Subject to applicable law, the Offeror 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 favorable than those offered under the tender offer.
