Fidelity Bank redeems its $400m Eurobond
October 18, 2022509 views0 comments
By Innocent Obasi
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Nigeria’s leading tier-2 lender Fidelity Bank Plc. on Monday announced the redemption of its $400 million Eurobond notes due October 17, 2022.
The $400 million 5-year Eurobond was successfully issued by the bank on October 17, 2017. The transaction also included a Tender Offer (the “Tender Offer” or “Offer”) for the refinancing of the bank’s $300 million Senior Unsecured Notes issued in May 2018. It was the largest combined new issue & liability management offering ever by a Nigerian issuer and was well received by analysts and investors.
The transaction was managed by a group of companies that included Citigroup Inc., Renaissance Capital, and Standard Bank Group Limited, and it achieved an oversubscribed order book of $630 million.