GTBank launches $500m Eurobond


Guaranty Trust Bank Plc has launched a tender offer to repay a $500 million Eurobond, a move to deploy its available dollar liquidity ahead of the debt maturity.

The bank said that the notes, priced to yield 7.5 per cent, were due to mature in May 2016, and that the tender was voluntary. It said that in a tender notice the bank would maintain cash to repay any outstanding debt not tendered.

In its statement, the bank said that the liability management exercise allowed the bank to efficiently manage its liquidity by addressing in full its debt maturing in 2016.

The extent to which this goal can be achieved through the offer will depend on the number of securities that will be tendered given the voluntary nature of the offer.

The bank intends to maintain cash available to repay any outstanding securities not tendered in full at maturity. It added that any securities purchased by the offer or would be surrendered for cancellation to the principal paying agent in respect of the securities.

- Advertisement -First Bank The Voice of Nigeria