Tuesday , 5 November 2024
Home Business Fidelity Bank redeems $400m Eurobond Notes
BusinessTrending News

Fidelity Bank redeems $400m Eurobond Notes

Fidelity Bank

Fidelity Bank plc (“Fidelity Bank” or the “Bank”) announced today the redemption of the $400,000,000.00 Eurobond Notes due October 17, 2022. 

 

On October 17, 2017, the bank successfully issued a US$400 million 5-year Eurobond. The transaction also included a Tender Offer (the “Tender Offer” or “Offer”) for the refinancing of the Bank’s US300million 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.

 

The transaction which was managed by Citigroup Incorporated, Renaissance Capital and Standard Bank Group Limited achieved an oversubscribed order book of $630million. Upon final maturity of the Eurobond, noteholders received a total of US$421 million covering the principal amount and the accrued 6 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”.

 

See also  Fidelity Bank Grows PBT by 35.7% to N38.1bn for FY 2021 ……Proposes dividend of 35 kobo Per Share

Fidelity Bank is one of the leading financial institutions in Nigeria. According to its interim audited result for the mid-year 2022, the Bank reported strong financial ratios with a capital base of N3.7trillion, PBT of N25bn and a return on equity (ROE) of 15.4% evidencing the efficient management of the bank’s assets.

 

In recognition of its commitment to product innovation and strong corporate governance, the Bank was recently recognized as the Best SME Bank Nigeria 2022 by the Global Banking & Finance Awards. The bank also won the 2022 Platinum Award of the Development Bank of Nigeria for its leading role in disbursing loans to focused sectors. In addition, it was recognized as the 2021“Fastest Growing Bank” in Nigeria and “MSME & Entrepreneurship Financing Bank of the Year” at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards.

 

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles

VDM
EntertainmentTrending News

Influencer Verydarkman Celebrates Victory Over Native Doctor Akwa Okuko

Nigerian social media influencer Martins Vincent Otse, known as Verydarkman, is celebrating...

Whitemoney
EntertainmentTrending News

BBNaija Winner Whitemoney Advocates for Personality Over Voice in Music

Nigerian Big Brother Naija (BBNaija) Season 6 winner Whitemoney has sparked a...

JULIUS BERGER
NigeriaTrending News

Federal Government Terminates Julius Berger’s Contract for Abuja-Kaduna-Zaria-Kano Road Project

The Federal Government, through the Ministry of Works, has directed the contractor...

NigeriaTrending News

Tinubu Charges New Ministers to Join Rescue Mission

President Bola Tinubu has called on newly appointed ministers to join forces...