BUSINESS
GTBank to launch International Cash tender offer of $400m
Guaranty Trust Bank Plc (GTBank) has announced plans to launch an invitation to holders of its $400 million 6.000 per cent Notes due 2018 International cash tender offer.
The lender in a statement signed by its Company Secretary, Mr. Erhi Obebeduo, said, “Kindly be informed that GTBank intends to launch an invitation to holders of its $400 million 6.000 per cent. Notes due 2018 to tender any and all of their Note for purchase by GTBank in exchange for cash.
“Through the Offer, GTBank seeks to deploy its available Dollar liquidity to the repurchase of the Notes ahead of the scheduled maturity in November 2018.
“This liability management exercise allows GTBank 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 be cancelled.
“The commencement and settlement dates for the Offer September 25, 2017 and October 05, 2017 respectively,” the statement added.
The bank statement added that 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 in connection with the Offer.
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