Ac­cess Bank re­deems $350 mil­lion Eurobond

Financial Nigeria Magazine - - Finance -

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

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