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On Monday, Fidelity Bank Plc stated that the $400 million Eurobond Notes due on October 17 would be redeemed.
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In a statement released on Monday in Lagos, Mr. Meksley Nwagboh, the Divisional Head of Brand and Communications at Fidelity Bank, stated as much.
The bank had successfully issued a $400 million, five-year Eurobond on October 17, 2017.
According to the announcement, the transaction also includes a tender offer for the bank’s $300 million Senior Unsecured Notes issued in May 2018 to be refinanced.
“The deal is warmly appreciated by analysts and investors and is the largest combined new issue and liability management issuance ever made by a Nigerian issuer.
The $630 million oversubscribed order book for the transaction, which is managed by Citigroup Inc., Renaissance Capital, and Standard Bank Group Ltd.
According to the executed Trust Deeds, noteholders got $421 million upon final maturity of the Eurobond, which covered the principal amount and accrued six-month coupon.
“The liquidation of the notes, despite the significant domestic economic headwinds, especially when viewed against the backdrop of the limited dollar supply, is a testament to the strong liquidity position of the bank and the resilience of our balance sheet,” said Mrs. Nneka Onyeali-Ikpe, the managing director of Fidelity Bank
The bank recorded good financial ratios with a capital base of N3.7 trillion, profit before tax of N25 billion, and a return on equity of 15.4%, proving the effective management of the bank’s assets, according to its interim audited result for the mid-year 2022.
The bank was recently honored by the Global Banking and Finance Awards as the Best SME Bank Nigeria 2022 in recognition of its dedication to product innovation and sound corporate governance.
Additionally, it received the Development Bank of Nigeria’s Platinum Award for 2022 for playing a pioneering role in the distribution of loans to targeted industries.
The bank was honored at the 2021 BusinessDay Banks and Other Financial Institutions (BAFI) Awards as the “Fastest Growing Bank” in Nigeria and the “MSME & Entrepreneurship Financing Bank of the Year.”
