Zenith Bank says it has redeemed the balance of US$107.4 million of its US$500million Eurobond Notes due May 30, 2022.
The bank disclosed this in document published on the Nigerian Exchange on Tuesday.
Zenith Bank said the redemption is a “demonstration of the Bank’s highly diversified and robust funding sources, and its impeccable pedigree and track records in treasury management.”
“The Eurobond Notes were issued on May 30, 2017, as the second tranche of the Bank’s US$1billion Global Medium Term Note Program, with a 5-year tenor and coupon of 7.375%,”the document stated.
“In September 2019, the Bank had redeemed US$392.6million of the Notes through a Cash Tender Offer ahead of its maturity date of May 30, 2022.
“Zenith Bank Pie, Nigeria’s largest and Africa’s twelfth largest bank by Tier 1 capital (The Banker Top 1000 World Banks 2021 Ranking) has consistently demonstrated market leadership, growth capacity, a solid and liquid capital base, good returns on investment and excellent customer service.
“Over the years, the Bank has maintained a deep understanding of the market and its operating environment to sustain excellent results, an indication of the Bank’s robust enterprise risk management framework and strong corporate governance.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.