Nigeria’s Guaranty Trust tenders for $400 million 6% notes due 2018

By Susanna Moon

Chicago, Sept. 25 – Guaranty Trust Bank plc said it is tendering for its $400 million 6% notes due November 2018 until 5 p.m. ET on Oct. 3.

The purchase price will be $1,025 for each $1,000 principal amount plus accrued interest to but excluding the settlement date of Oct. 5.

The securities were originally issued by GTB Finance BV and guaranteed by the bank; then on April 24, 2017, the bank was substituted in place of GTB as issuer, according to a company announcement.

“This liability management exercise allows the offeror to efficiently manage its liquidity by addressing debt maturing in 2018,” the release noted.

Settlement for notes tendered by guaranteed delivery procedures is expected to be Oct. 6.

Lucid Issuer Services Ltd. (+44 20 7704 0880, fax +44 20 7067 9098, gtb@lucid-is.com or https://portal.lucid-is.com) is the tender agent. Exotix Partners LLP (+44 20 7725 1000 or Fabrizio.Ferrero@exotix.com), J.P. Morgan Securities plc (212 834-2494, 866 834-4666, +44 20 7134 2468 or em_europe_lm@jpmorgan.com) and Morgan Stanley & Co. International plc (212 761-1057, 800 624-1808, +44 20 7677 5040 or liabilitymanagementeurope@morganstanley.com) are the dealer managers.

The issuer is based in Lagos, Nigeria.

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