Guaranty Trust Bank on Friday announced the expiration and final tender results of the any and all cash tender offer with respect to the $500,000,000 7.50 per cent. A statement from the bank said notes due 2016, which Securities were issued by its wholly owned subsidiary, GTB Finance B.V. (the “Offeror”), and unconditionally and irrevocably guaranteed by the bank. It explained that as the expiration deadline for the tender offer was February 10, 2016, the deadline for tendering the securities under the offer has now passed.

“An aggregate principal amount of $ 126,586,000 of the securities that were validly tendered on or prior to the expiration deadline and not validly withdrawn were accepted. “No securities were tendered through the guaranteed delivery procedures described in the tender offer memorandum dated February 4, 2016. The settlement date for the tender offer is February 16, 2016,” the statement added. The statement quoted the Chief Executive Officer of the bank, Mr. Segun Agbaje, as saying that 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. It said,
“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”.

Source: National Mirror