Guaranty Trust Bank Plc, on Monday, September 25, 2017, informed the Nigerian Stock Exchange (NSE) of an invitation to holders of its US$400m notes due in November 2018 at 6% to tender such for purchase in exchange for cash through the deployment of “its available U.S Dollar liquidity.
This liability management exercise, the commencement and settlement dates of which are September 25 and October 5 respectively, the bank said in a statement by Erhi Obebeduo, its company secretary, allows it “to efficiently manage its liquidity by addressing debt maturing in 2018.
“The extent to which this goal can be achieved through the offer will depend on the number of Notes that will be tendered in the offer, given the voluntary nature of the offer. The Notes purchased by GTBank under the offer will (subsequently) be cancelled,” the statement added.
Ahead of this, the bank said it has retained the services of Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc as Dealer Managers.