Fidelity Bank Plc (NGX: FIDELITYBK) has received no objection from the Securities and Exchange Commission for the $500 million capital it plans to raise from the international debt capital market, through an unsecured notes issuance.
This was disclosed by the bank in a press release on Monday signed by Ezinwa Unuigboje, the company secretary.
The proceeds of the proposed offer will be used “for general corporate purposes including supporting its trade finance business,” according to the press release.
When issued, the offer which is due 2026 will “rank parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the bank.”
Fidelity Bank Plc said it intends to list the notes on the Irish Stock Exchange, with the expectation that the notes will be traded on its regulated market.
Investor meetings with respect to the offer was scheduled to commence on Monday, October 18, 2021 according to the press release.
However, the bank noted the final decision to issue the notes is subject to finalizing the necessary “documentations and prevailing market conditions.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.