Investors in Zenith Bank Plc have tendered notes worth $392.6m in exchange for cash, following the bank’s invitation to repurchase the notes from them.
Zenith Bank had on Wednesday issued a tender offer to holders of its $500m notes due 2022 to tender them for repurchase.
The bank said in a statement that the notes were subject to offer and distribution restrictions and would be exchanged for cash.
The statement read in part, “The bank is offering to repurchase these notes for the purchase price plus the accrued interest amount in accordance with the procedures described in the tender offer memorandum.”
It added that the announcement did not constitute any offer to acquire any of the notes, but was being made solely pursuant to the tender offer memorandum.
In a notice to the Nigerian Stock Exchange on Thursday, Zenith Bank said out of the total amount of $500m, $392.6m was tendered for repurchase.
The bank said subject to the minimum denomination, it would pay $1,085 for every $1,000 note held, in addition to the accrued interest on the notes.
It said the accrued interest and purchase price amount would be paid on September 16, 2019.
