Saturday, December 4, 2021

    Fidelity Bank Raises $500m From International Debt Market

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

    Fidelity Bank Plc has said it is set to raise $500 million from the international debt capital market through the issuance of unsecured notes.

    A statement by its company secretary, Ezinwa Unuigboje, said the company intends 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.

    It explained that, “the proposed aggregate offer size is $500 million, due 2026, which will when sued rank pari passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the bank.

    The company intends to list the notes on the Irish Stock Exchange, with the expectation that the notes will be traded on its regulated market. The Securities and Exchange Commission has confirmed that it has no objection to the transaction.”

    The bank also notified the Nigerian Exchange (NGX) Limited of planned investor meetings with respect to the transaction scheduled on October 18, 2021, adding that the final decision to issue the notes will, however, be subject to finalising the necessary transaction documentation and prevailing market conditions.

    Fidelity Bank, in its first half (H1) of the year results for the period ended June 30, 2021, sustained its impressive run of financial performance.

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