Zenith Bank Unveils Tender Offer For $500m Notes Ahead Of 2022 Due Date

Zenith Bank Plc, on Wednesday, announced to repurchase its $500m 7.375% Notes due 2022, subject to conditions in a tender offer memorandum dated September 4, 2019.
The minimum denomination of the tender offer, which “is part of efforts by the bank to proactively manage upcoming debts,” is $200,000 and in multiples of $1,000 in principal amount of the Notes, at a purchase price of $1,085 per $1,000 in the principal of the Notes.
Note acquired in the Tender Offer, which commences on Wednesday, September 4 and expires at 5.00pm, September 12, 2019, will be cancelled, the offer document added.
Guaranteed Delivery Deadline is 5.00pm New York City time on September 13, 2019; while payment date in respect of the Tender Offer, according to the notification by Michael Osilama, Zenith Bank’s company secretary, is September 16, 2019.