Shell Energy Entrepreneurs banner Yudala banner
GTBank announces final tender results

By News Express on 13/02/2016

Share on facebook Yahoo mail icon Gmail icon

Views: 1,617


Guaranty Trust Bank plc (GTBank) yesterday announced the expiration and final tender results of the cash tender offer with respect to the US$500,000,000 7.50 per cent. Notes due 2016 (the “Securities”) were issued by its wholly owned subsidiary, GTB Finance B.V. (the “Offeror”), and unconditionally and irrevocably guaranteed by the bank.

The Expiration Deadline for the Tender Offer was February 10, 2016. A statement by GTBank said that an aggregate principal amount of US$126,586,000 of the Securities that were validly tendered on or prior to the Expiration Deadline and not validly withdrawn were accepted. It explained that no Securities were tendered through the guaranteed delivery procedures described in the Tender Offer Memorandum dated February 4, 2016 (the “Tender Offer Memorandum”). The Settlement Date for the Tender Offer is February 16, 2016.

“The Tender Offer is consistent with GTBank’s liability management strategy and reflects the bank’s ongoing efforts to enhance the efficiency of its funding and capital structure as it seeks to reduce its overall funding costs,” the statement said. “Subject to applicable law, the Offeror or any of its affiliates may at any time and from time to time following completion of the Offer, purchase the remaining outstanding Securities by tender, in the open market, by private agreement or otherwise on such terms and at such prices as the Offeror or, if applicable, its affiliates may determine. Such terms, consideration and prices may be more or less favorable than those offered under the Tender Offer,” it added.

GTBank’s CEO Segun Agbaje said: “We are pleased at the outcome of this exercise. The Offer, which is the first of its kind involving a Nigerian corporate in the international financial markets, has enabled us achieve the objective of reducing some of the bank’s borrowing costs ahead of the maturity of the Eurobond in May of this year. The tender result is also a testament to the strength of the Bank’s credit in the international capital markets. It is gratifying and humbling at the same time to note this level of investor confidence in the bank.”

The Tender Offer was made pursuant to the Tender Offer Memorandum, which set forth in more detail the terms and conditions of the Offer.

J.P. Morgan and Morgan Stanley acted as the Joint Dealer Managers for the Offer. Lucid Issuer Services Limited acted as Tender Agent and Information Agent. Legal Advisers were White & Case LLP (English and US Law Counsel to the Bank and the Offeror), Linklaters LLP (English and US Law Counsel to the Joint Dealer Managers), NautaDutilh N.V. (Dutch Law Counsel to the Bank and the Offeror) and Banwo & Ighodalo (Nigerian Law Counsel to the Bank and the Offeror).

•Photo shows GTBank CEO Segun Agbaje.

Source News Express

Posted 13/02/2016 6:19:58 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

 

You may also like...
Moderate dust haze, cloudy weather to prevail today:...

250 Nigerians die in police custody monthly —...

APC splits; angry members float True APC

‘Yudala will be Africa’s first profitable e-commerce company’...

Ukah assures Oshimili North people of developmental projects...

It will be a cloudy Sunday, with prospects...

Pastor rapes woman in church during ‘spiritual bath’...

Falana, 12 other activists ask Buhari to proceed...

Breaking: Akunyili for burial August 28, family welcomes...

Primate Okoh inaugurates Anglican Network Cable TV New...

Governors meet at Aso Rock over Paris Club...

Boko Haram slits the throats of 12 in...

 

Latest News Ben Bruce calls for dismissal of Buhari’s government, Saraki’s takeover as President Good Nigerian returns N150m wrongfully posted into his account, earns praise Police couple, daughter and constable perish in fire disaster Lassa fever: Ebonyi Govt. closes schools No suspicious items in 2018 budget — Budget and Planning Ministry Reps summon Kachikwu, Baru over alleged fuel subsidy payment Phase3 rubbishes FG’s claim of owing N27.2bn over fibre optic agreement Jime tips Oni and team to revolutionise NEPZA operations Delta State Government dismisses Ayiri Emami’s ‘tales by moonlight’ Apple to pay $38bn in taxes and add 20,000 jobs in the U.S. Don’t allow 2019 to overshadow governance, Saraki tells politicians Osun LG election: OSSIEC Chairman warns electoral officers against sharp practices

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (314,787 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (304,079 views) Shameless Genevieve Nnaji exposes breasts in public (244,112 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (201,093 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (189,812 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (179,038 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (155,312 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (139,333 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (135,897 views) Lagos plane crash: Journalist releases victims’ names (124,268 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (121,456 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (118,786 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (33) Business (2,853) Business Verdict (32) Columnists (790) Complaints & Requests (94) Enterprise & Opportunities (200) Entertainment (431) Features (541) Global Business Monitor (222) International (1,744) Interviews (139) Live Commentary (28) Love Matters (100) News (31,970) Opinion (864) Pidgin (10) Politics (4,352) Religion (666) Sports (1,406) Stock Watch (25) AMA & Al Jazeera Global Update

 

CBN Banner advert

CBN Words on marble

 

 

Thierry Henry in Lagos Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!