Nigeria confirms minimum clearing price in Dutch auction for oil warrants

By Jennifer Chiou

New York, March 15 - The Central Bank of Nigeria announced the confirmation that the minimum clearing price for its invitation to holders of its payment adjustment warrants representing its payment adjustment rights will remain $220.00 per right accepted for purchase.

The bank launched the modified Dutch auction for holders to sell the oil warrants back to the bank on Feb. 26.

The Abuja-based bank said that the invitation will expire at 12 p.m. ET on March 23.

Holders of oil warrants accepted for purchase will receive, for each right purchased, an amount in dollars equal to the clearing price.

Holders who submitted noncompetitive offers prior to 11 a.m. ET on March 9 will receive, in addition to the clearing price, $2.00 per accepted right.

The warrants were issued in 1991.

D.F. King and Co., Inc. is the information agent (call collect 212 269-5550 or +44-20-7920-9700). Citigroup Global Markets Ltd. is the dealer manager.

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