Access Bank announces early redemption of USD400m subordinated unsecured notes

Major Nigerian lender, Access Bank, has indicated its intention to move for an early redemption of the USD400 million subordinated unsecured notes on June 24, 2019, originally due in 2021.

This was disclosed in a statement issued in Lagos and signed by the Company Secretary, Sunday Ekwochi.

It read: “Access Bank Plc (the “Issuer”) hereby notifies the Nigerian Stock Exchange and the public that it intends to exercise its option to redeem the USD400 million subordinated unsecured notes at a fixed rate of 9.25%, due 2021.

The USD400 million subordinated bonds, issued in June 2014 by Access Bank PIc, will be redeemed on June 24, 2019, with accrued interest.

Following such redemption, the Bonds will be cancelled and there will be no Bonds outstanding. The Issuer intends to complete any formalities relating to the delisting of the Bonds from the regulated market of the Irish Stock Exchange as soon as possible.”