Access Bank redeems $350 million Eurobond
Access Bank Plc has announced the final redemption of its $350 million Eurobond notes due July 25, 2017.
In October 2016, holders of $113 million of the notes chose to exchange same for a new 5-year bond, issued by the bank at the time. Upon maturity of the Eurobond in July 2017, the outstanding portion of $237 million, as well as the final coupon value of $8.69 million, was redeemed from the bank's available cash reserves.
“Access Bank has continued to maintain a robust balance sheet, supported by its strong liquidity position. The implementation of a disciplined capital and liquidity plan ensured that the bank was proactive and focused on raising capital in the International market,” Access Bank said in a statement on 29th of August.
Access Bank's key successful Eurobond transactions in the market included $350 million (2012), $400 million Subordinated Notes and the $300 million Senior Notes comprising $113 million exchange and $187 million new notes (2016).
“Access Bank's ability to redeem the $350 million Eurobond Notes highlights the resilience of our balance sheet and the efficiency of our asset and liability management process, especially in the face of a macro underlined by FX illiquidity, double digit inflation and currency devaluation,” said Herbert Wigwe, Access Bank's Group Managing Director and CEO.
Herbert Wigwe, Group MD/CEO, Access Bank