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    Nigeria’s Fidelity Bank offers to buy back $300 mln of debt, to issue new notes

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    Naija247news, Nigeria
    Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

    LAGOS, Sept 28 – Nigeria’s Fidelity Bank Plc has offered to buy back $300 million of debt and intends to issue new notes, aiming to extend the maturity of its debt profile, it said on Thursday.

    The $300 million of debt, with an interest rate of 6.875 percent, is due to mature 9 May 2018, Fidelity said in a statement. It will offer $1,010 per $1,000 of notes held.

    The offer “is being made in connection with a concurrent offering of new unsecured and unsubordinated notes,” the bank said, giving no further details about the new debt.

    Citigroup Global Markets Ltd and Renaissance Securities (Nigeria) Ltd are managing the deal, Fidelity said. The offer expires on October 10 and the results will be announced the same day.

    Reporting by Chijioke Ohuocha; writing by Paul Carsten; editing by Jason Neely

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