Gt Bank to Launch International Cash Tender

0
55

Guaranty Trust Bank Plc (GTbank) intends to launch an invitation to holders of it’s  USD 400 million at 6.00 per cent. Note due 2018 (the Notes) to tender any and all of their Notes for purchase by GTBank in exchange for cash (the Offer).

GTBank seeks to to deploy its available USD Liquidity to the repurchase of the Notes ahead of the scheduled maturity in November 2018. This liability management exercise allows GTBank to efficiently manage to liquidity by addressing debt maturing in 2018 .

The extent to which the goal can be achieved through the offer will depend on the number of Notes that will be tender in the Offer, given the voluntary nature of the the offer. The Notes purchased by GTBank under the Offer will be cancelled.

The commencement and settlement dates of the offer are September 25, 2017 and October 5, 2017 respectively.

GTBank said it has retained the service of Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, J.P. Morgan Securities Plc and Morgan Stanley & Co. International Plc as Dealers, Mangers in connection with the Offer.