Business Hilights
Tracking Nigeria's Headline Business News Online

Zenith Bank’s $500m notes repurchase would be exchanged for cash

Zenith Bank has said that its tender offer to holders of its $500m notes due 2022 would not be only for repurchase, but subject to offer and distribution restrictions.

In a statement made available to Business Hilights in Lagos, the bank averred that “The bank is offering to repurchase these notes for the purchase price plus the accrued interest amount in accordance with the procedures described in the tender offer memorandum.”

According to the bank, “The announcement did not constitute any offer to acquire any of the notes, but was being made solely pursuant to the tender offer memorandum.

However, Zenith Bank advised the notes’ holders to read the tender offer memorandum for the full details and information on procedures for participating in the tender offer.