Business
GTB offers early redemption for $400m notes
Guaranty Trust Bank (GTBank) on Monday launched a bid for early redemption of its $400 million 6.0 per cent notes, more than a year ahead of the notes’ maturity in November 2018. The notes purchased by GTBank under the offer will be cancelled.
In a regulatory filing at the Nigerian Stock Exchange (NSE), GTB stated that it plans to buy all outstanding notes in exchange for cash. The bid commenced on Monday while the settlement will be on October 5, 2017.
GTB stated that it would deploy its available dollar liquidity to the repurchase of the notes ahead of the scheduled maturity in November 2018.
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According to the bank, the liability management exercise will allow it to efficiently manage its liquidity by addressing debt maturing in 2018.
The bank however noted that the extent of success of the offer will depend on the number of notes that will be tendered in the offer, given the voluntary nature of the offer.
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