business
GTBank To repurchase $400 million Senior Notes
The Foremost Institutional Bank, GTBank said it was looking at repurchasing $400 million Senior Notes at 6.000 per cent.
In a notice released to the Nigerian Stock Exchange (NSE) yesterday, GTBank has launched an invitation to holder of its $400 million 6 per cent notes due 2018, to tender all or any of the notes in exchange for cash. Commencement and settlement dates for the offer are September 25, 2017 and October 5, 2017. Notes purchased during the offer will be cancelled.
The bank has appointed Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, JP Morgan Securities Plc and Morgan Stanley and Co International Plc as dealer managers to the offer.
The bank said in statement Through the Offer, GTBank seeks to deploy its available dollar liquidity to the repurchase of the notes ahead of the scheduled maturity in November 2018.
It stated that “This liability management exercise allows GTBank to efficiently manage its liquidity by addressing debt maturing in 2018. The extent to which this goal can be achieved through the Offer will depend on the number of notes that will be tendered in the offer, given the voluntary nature of the offer.
“The notes purchased by GTBank under the offer will be cancelled. The commencement and settlement dates for the offer are September 25, 201 7 and October 05, 2017 respectively.”
GTBank said it has retained the services of Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, J.P. Morgan Securities plc and Morgan Stanley & Co. International Plc as dealer managers in connection with the offer.
GTBank shares closed at N39.50 in yesterday’s NSE trading session down 0.25 per cent. The bank recently declared an interim dividend of 30 kobo per share for the half year ended June 30, 2017. Gross earnings increased from N209 billion in 2016 to N214 billion in 2017. Profit- before- tax increased from N85 billion in 2017 to N101 billion in 2017. Profit- after – tax increased from N71 billion in 2016 to N83.6 billion in 2017.
-
news7 years agoOsun Government presents 2015, 2016 audited accounts…sets record as the first state in Nigeria to publicly declare accounts
-
crime5 years agoArotile’s ex-classmate had no driver’s licence, report reveals
-
lifestyle8 years agoAmazing Tips for an Outstanding Makeup
-
news4 years ago2023: Kola Abiola Set To Declare For Presidency
-
entertainment5 years agosanwo-Olu honours sacked chaplain after Ambode’s wife saga
-
entertainment6 years agoSee how Women now use toothpaste to tighten vagina
-
lifestyle5 years agoUS Church ‘refunds members three years tithes’ as help during COVID-19
-
business4 years ago#EndSARS: Access Bank announces N50 billion interest-free facility for businesses