Fidelity Bank May Raise $500m In International Market

Fidelity Grows Profit To N52 Billion For FY 2022
Fidelity Bank

Fidelity Bank Plc has said it is considering raising $500m from the international debt capital market through the issuance of unsecured notes.

A statement by its Company Secretary, Ezinwa Unuigboje, said the company intended to list the notes on the Irish Stock Exchange, adding that the proceeds would be used for general corporate purposes, including supporting its trade finance business.

Fidelity Bank May Raise $500m In International Market

It said, “The proposed aggregate offer size is $500m, due 2026, which will, when issued, rank parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the bank. The Securities and Exchange Commission has confirmed that it has no objection to the transaction.”

The bank said it would be holding investor meetings with respect to the transaction.

It added that the final decision to issue the notes would be subject to finalising the necessary transaction documentation and prevailing market conditions.