Guaranty Trust Bank, GTBank Plc, has announced its intention to offer cash to holders of the $400 million notes it offered to investors sometimes ago at 6 percent.
According to the lender, the notes are due in November 2018. GTBank, in a notice to the Nigerian Stock Exchange, disclosed that the commencement and settlement dates for the offer are September 25 and October 5, 2017, respectively.
“Kindly be informed that, Guaranty Trust Bank Plc (GTBank) intends to launch an invitation to holders of its $400 million 6 percent notes due 2018 (the Notes) to tender any and all of their Notes for purchase by GTBank in exchange for cash (the Offer),” the financial institution said in the notice to the stock market regulator.
The lender explained that, “Through the offer, GTBank seeks to deploy its available 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 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 notice said, “GTBank has 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.”
