GTBank settles $123,066,000 cash tender offer October 5th
Guaranty Trust Bank Plc will on Friday 5th September 2017, settle $123,066,000 worth cash tendered Notes, out of the bank’s $400 6.000% Notes tender offer GTBank’s $400,000,000, 6.000 per cent Notes tender offer which opened 25th September 2017, indicating that the offer attracted $123,066,000 tenders.
Daily Times Nigeria recalls that GTBank Plc on September 25th 2017 invited holders of $400,000,000 6,000 per cent notes due 2018 to tender any and all of the Notes for cash payment by the bank which represents the offer.
The offer was on the terms of and subjected to the conditions contained in a tender offer memorandum dated 25th September 2017.
The statement by GTBank signed by Erhi Obebeduo, the company’s secretary, released by the Nigerian Stock Exchange (NSE) in its corporate disclosure portal, said that the tender agent, Lucid Issuer Services Limited revealed in a recent release that $123,066,000 in aggregate principal amount of the securities were validly tendered before the expiration of the deadline and not withdrawn.
According to the tender agent, the outstanding principal amount following the offer is $276,934,000. It further disclosed that no securities were tendered through the guaranty delivery procedures described in the tender offer memorandum adding that the settlement date has been fixed for 5th October 2017.
The bank explained that it has retained the services of Lucid Issuer Services as tender agent, as well as also retaining Exotic partners, LLP JP Morgan Securities Plc, and Morgan Stanley & co international as dealer managers in connection with the offer.
Through the offer, the bank is offering to deploy its valuable US dollars liquidity for the repurchase of the notes ahead of the maturity in 2018 November.
The bank had earlier in a statement said that “the liability management liability exercise by the bank is to effectively manage its liquidity by addressing debt maturing in November 2018”.
It also said that the extent to which the goal can be achieved through the offer, will however, depend on the number of notes that will be tendered in the offer, given the voluntary nature of the offer.
From the fore going, the $123,066.000 valued notes purchased by the bank will be cancelled as the bank had earlier assured.
The bank, in the earlier report fixed the commencement of the notes repurchase for 25th September, while the closing date was fixed for 5th October 2007 respectively.
