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Fidelity Bank redeems $400m Eurobond notes

Onyeali-Ikpe

Fidelity Bank Plc yesterday announced the redemption of the $400 million Eurobond notes issuance due on October 17, according to a statement.

Recall that exactly five years ago, the Tier-2 Nigerian lender successfully issued a $400 million Eurobond for subscription.

The transaction also included a Tender Offer for the refinancing of the Bank’s $300 million Senior Unsecured Notes issued in May 2018 – the largest combined new issue and liability management offering ever by a Nigerian issuer and was well received by analysts and investors.

It was managed by the consortium of Citigroup Incorporated, Renaissance Capital, and Standard Bank Group Limited, and achieved an oversubscribed order book of $630million.

Upon final maturity of the Eurobond, note holders received a total of $421 million covering the principal amount and the accrued six months coupon in line with the executed Trust Deeds. 

According to the Bank’s MD/CEO; Nneka Onyeali-Ikpe, “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.”

Upon final maturity of the Eurobond, note holders received a total of $421 million covering the principal amount and the accrued six months coupon in line with the executed Trust Deeds. 

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