Fidelity Bank to refinance its USD300 million debt notes

Fidelity

According to Reuters news, Fidelity Bank Plc, a second tier Nigerian bank will be refinancing its debt by buying back USD300 million of debt and intends to issue new notes, aiming to extend the maturity of its debt profile, it said on Thursday.

According to a disclosure made available to Reuters, the USD300 million of debt, with an interest rate of 6.875 percent, is due to mature 9 May 2018, Fidelity said in a statement. It will offer $1,010 per $1,000 of notes held.

The offer “is being made in connection with a concurrent offering of new unsecured and unsubordinated notes,” the bank said, giving no further details about the new debt.

Citigroup Global Markets Ltd and Renaissance Securities (Nigeria) Ltd are managing the deal, Fidelity said.

Reuters said the offer expires on October 10 and the results will be announced the same day.

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