Zenith Bank Plc redeems its matured USD 500 million Eurobond

LAGOS, Nigeria – Zenith Bank Plc has announced redemption of its matured USD500 million Eurobond due April 22, 2019. In a statement on the floor of the Nigerian Stock Exchange, Company Secretary, Mr. Michael Olisama Otu explained that the notes were issud in April 22, 2014 with a 5 year tenor at coupon of 6.250 percent under the bank’s USD 1 billion Global Medium Term Note Programme.

“These notes were issued April 22, 2014 with a 5 year tenor at coupon of 6.250 percent under the bank’s USD 1 billion Global Medium Term Note Programme.

The bank leveraging on its strong highly liquid balance sheet as well as its oustanding treasury management capability completely redeemed the note using the banks available cash reserves”, the bank said.

He added that over the years, the bank has continued to maintain its deep understanding of the market to sustain its consistent operational metrics of strong liquidity, capital and asset quality ratios, which reflects the bank’s robust risk mangement practices, strong corporate governance and culture and a well articulated corporate stratedy.

“The oustanding balance of USD500 million of the USD 1 billion Global Medium Term Note was issued in May 2017 and will mature in May 2022”, the bank said in as statement on the floor of the Nigerian Stock Exchange.