Nigeria’s Fidelity Bank extends tender for $300 million 6 7/8% notes

New York, Oct. 10 – Fidelity Bank plc extended its tender offer for its $300 million of 6 7/8% notes due May 9, 2018 by one day.

The expiration is now 3 a.m. ET on Oct. 11 instead of 3 a.m. ET on Oct. 10, according to a notice from the issuer.

Settlement is planned for Oct. 16 instead of Oct. 13.

Fidelity Bank announced the offer on Oct. 10.

As previously reported, the purchase price will be $1,010 for each $1,000 principal amount.

Fidelity is tendering for the notes in connection with a concurrent offering of new unsecured and unsubordinated notes, according to a company announcement.

The purpose of the tender “is to proactively manage upcoming debt redemptions and to extend the debt maturity profile of the company,” the company noted.

The minimum tender denomination is $200,000 and integrals of $1,000 after that.

The joint dealer managers are Citigroup Global Markets Ltd. (+44 20 7986 8969 or liabilitymanagement.europe@citi.com), Renaissance Securities (Nigeria) Ltd. (+234 1 4485300 or syndicateDCM@rencap.com) and Standard Bank of South Africa Ltd. (+44 20 3167 5183 / +44 20 3167 or LiabilityManagement@standardsbg.com). The information and tender agent is Citibank, NA, London Branch (Citiexchanges@citi.com, +44 20 7920 9700 or https://debtxportal.issuerservices.citigroup.com).

Fidelity Bank is a Victoria Island, Nigeria-based commercial bank.

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