Access Bank to Redeem $400m 9.25% 2021 Bond Next Month

May 30, 2019
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By Modupe Gbadeyanka

Tier-one Nigerian financial institution, Access Bank Plc, has said it wants to redeem the $400 million Eurobond it issued to investors in 2014 before the due date.

The lender had issued a 7-year bond at 9.25 percent. The notes were to be redeemed by the year 2021, but the company plans to pay holders of the paper before the due date.

In a statement to the Nigerian Stock Exchange (NSE), Access Bank said it hopes to complete the delisting of the notes on the Irish Stock Exchange very soon.

According to the notice, Access Bank said those who subscribe to the bonds should be paid latest by Monday, June 24, 2019.

“Access Bank hereby notifies the Nigerian Stock Exchange (NSE) and the public that it intends to exercise its option to redeem the $400 million subordinated unsecured notes at a fixed rate of 9.25 percent, due 2021.

“The $400 million subordinated bonds, issued in June 2014 by Access Bank Plc, will be redeemed on June 24, 2019, with accrued interest.

“Following such redemption, the bonds will be cancelled and there will be no bonds outstanding.

“The issue intends to complete any formalities relating to the delisting of the bonds from the regulated market of the Irish Stock Exchange as soon as possible,” the statement from Access Bank, which recently merged with another bank, Diamond Bank, stated.

Modupe Gbadeyanka

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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