Zenith Bank Repays $500 Mln Eurobond Issued In 2014

Nigeria's Zenith Bank on Tuesday said it has fully redeemed the matured $500 million Eurobond issued in 2014 and due by April 22, 2019, from its cash reserves.

According to the bank in a statement to the Nigerian Stock Exchange (NSE), the debt was issued under its $1 billion Global Medium Term Note Programme. The first tranche was issued at a tenor of 5-year and a coupon of 6.25 percent on April 22, 2014.
"The Bank, leveraging on its strong and highly liquid balance sheet as well as its outstanding treasury management capability completely redeemed the note using the Bank’s available cash reserves," Zenith Bank said in the statement.
It said over the years, it 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 management practices, strong corporate governance culture and a well-articulated corporate strategy.
The bank said the outstanding balance of $500 million of the $1 billion Global Medium Term Note issued in May 2017 and will mature in May 2022.