Fidelity Bank To Launch $500m Eurobond


FIDELITY Bank Plc recently announced plans to launch up to $500 million Senior Unsecured Medium Notes (Eurobond) as well as a tender offer to purchase the banks’ outstanding $300 million 6.875 per cent Notes due May 9, 2018.

Fidelity Bank disclosed this in a notification to the Nigerian Stock Exchange (NSE).

According to the bank, it intends to list the $500 million on the Irish Stock Exchange with the expectations that the notes will be traded on its regulated market.

The bank said it intended to issue the notes directly, but would retain the flexibility to substitute issuer with an offshore special purpose vehicle (SPV), where market conditions require and allow for such prior to the maturity of the notes.

Fidelity Bank Plc said the Central Bank of Nigeria (CBN) and Securities and Exchange Commission (SEC), have given ‘no objection’ approvals to the transaction.

According to the bank, the net proceeds of the notes will be used to finance the tender offer of existing notes and

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