Fidelity Bank declares tenders for purchase of $255.5m

Fidelity Bank Plc on Thursday announced received valid tenders for purchase of $255.5 million principal amount of Notes pursuant to its tender Offer.

The lender had launched an invitation to holders of the $300 million 6.875% Notes due 9 May 2018.

A statement signed by Fidelity Bank Company’s Secretary, Ezinwa Unuigboje to The Nigerian Stock Exchange (NSE), said “The Company has received valid tenders for purchase of $255,503,000.00 in aggregate principal amount of Notes pursuant to the Tender Offer. The Company hereby announces that, in accordance with the Tender Offer Memorandum, it intends to accept for purchase such Notes validly tendered, subject to satisfaction of the Financing Condition.

“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 $1,010 per $ I ,000 in principal amount of the Notes plus the Accrued Interest Amount.

The statement added that, “The Purchase Price and the Accrued Interest Amount will be paid on the Payment Date, expected to be on 16 October 2017 but is subject to completion of the Financing Condition.”