Access Bank Repays $500m Five-Year Eurobond

By Aduragbemi Omiyale

The $500 million senior unsecured Eurobond issued by Access Bank Plc in September 2021 has been repaid.

The bondholders were given their bullet payment after the debt instrument matured on Monday, September 21, 2026.

Access Bank Plc is the flagship banking subsidiary of Access Holdings Plc, which is listed on the Nigerian Exchange (NGX) Limited.

Access Bank trades its shares on the NASD over-the-counter Securities Exchange, with its equities closing at N17.05 per unit.

The five-year Eurobond was issued to investors at a coupon rate of 6.125 per cent, with the repayment funded entirely from its foreign-currency liquidity.

It was disclosed that the redemption of the foreign currency debt was incorporated into the company’s liquidity management framework and will have no adverse impact on its operations or regulatory liquidity requirements.

Access Bank said it would continue to maintain a diversified funding base to support growth across its markets.

“Meeting this maturity from our own balance sheet affirms the strength of our funding position and the discipline with which we manage our capital and liquidity,” the chief executive of Access Bank, Mr Roosevelt Ogbonna, commented on the development.