Zenith Bank Receives Tenders To Repurchase $392.596m Notes

The board of Zenith Bank Plc, on Thursday, announced that at the close of its tender offer as of the September 13, 2019 deadline, it received tenders for $392.596m in aggregate principal amount of Notes.
The amount, which the bank said it intends to accept the validly tendered Notes for repurchase, represented 78.52% of the $500m total stated in the Tender Offer Memorandum to investors as of the September 13, 2019, Guaranteed Delivery Deadline.
According to a notice to the Nigerian Stock Exchange (NSE) by Michael Osilama Out, the company secretary, Zenith Bank explained that “subject to the Minimum Denomination, the company will pay for the Notes accepted by it for purchase, pursuant to the Tender Offer a price in cash equal to US$1,085 per US$1,000 in principal amount of the Notes plus the accrued interest amount.”
Both the accrued interest and the purchase price are to be paid on or about September 16 payment date.
While the joint dealer managers include Citigroup Global Markets Limited; and Goldman Sachs International; Citibank, N.A., London Branch is the information and tender agent.