Fidelity Bank Redeems $400m Eurobond Notes

Fidelity Bank Plc says it has redeemed its $400 million five-year Eurobond notes on Monday, OduNews reports.

The $400 million Eurobond which the bank issued five years ago also included a Tender Offer for the refinancing of the Bank’s $300million Senior Unsecured Notes issued in May 2018.

The transaction was the largest combined new issue & liability management offering ever by a Nigerian issuer and was well received by analysts and investors.

Managed by Citigroup Incorporated, Renaissance Capital and Standard Bank Group Limited, the transaction had achieved an oversubscription order book of $630million. Upon final maturity of the Eurobond, noteholders received a total of $421 million covering the principal amount and the accrued six months coupon in line with the executed Trust Deeds.

Managing Director and Chief Executive of Fidelity Bank, Nneka Onyeali-Ikpe, in a statement said “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.”