Home Money Zenith Bank redeems US$500 million Eurobond

Zenith Bank redeems US$500 million Eurobond

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Lagos, NigeriaTUE, APRIL 23 2019-theG&BJournal-  Zenith Bank Plc announced today the redemption of its matured US$500 million Eurobond due April 22, 2019.

The Bank said leveraged it on its strong and highly liquid balance sheet as well as its outstanding treasury management capability to completely redeem the note. The bank’s available cash reserves played a big role as well.

The notes were issued on April 22, 2014 with a 5 year tenor at a coupon of 6.250%, under the Bank’s US$1 billion Global Medium Term Note Programme.

The Bank reassured shareholders and stakeholders that it has stayed the course with its deep understanding of the market to sustain its operational metrics of strong liquidity, capital and asset quality ratios ‘’which reflects the Bank’s robust risk management practices, strong corporate governance culture and a well-articulated corporate strategy.’’

According to Zenith Bank, the outstanding balance of US$500 million of the US$1 billion Global Medium Term Note Programme was issued in May 2017 and will mature in May 2022.

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