GTBank said it is looking at repurchasing USD400 Million Senior Notes at 6.000 per cent.
The Notes is due 2018 (the Notes) to tender any and all Notes for purchase by GTBank in exchange for cash (the Offer).
The bank said in statement Through the Offer, GTBank seeks to deploy its available U.S. dollar liquidity to the repurchase of the Notes ahead of the scheduled maturity in November 2018.
This liability management exercise allows GTBank to efficiently manage its liquidity by addressing debt maturing in
2018. The extent to which this goal can be achieved through the Offer will depend on the number of Notes that will be tendered in the Offer, given the voluntary nature of the Offer.
The Notes purchased by GTBank under the Offer will be cancelled.The commencement and settlement dates for the Offer are September 25, 201 7 and October
05, 2017 respectively.
GTBank said it has retained the services of Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, J.P. Morgan Securities plc and Morgan Stanley & Co. International plc as Dealer Managers in connection with the Offer.