Fidelity Bank May Issue $500m Unsecured Notes

… Bank Plans Listing On Irish Stock Exchange

FIDELITY BANK PLC, has announced consideration to raise $500 million capital from the international debt capital market through unsecured notes issuance.

According to a notice at the Nigerian Exchange signed by Ezinwa Unuigboje, the Company Secretary, the proceeds of the fund would be used for general corporate purposes, including supporting its trade finance business.

“The proposed aggregate offer size is $500 million due 2026 which will be issued rank parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the bank,” the notice said.

The bank said it intended to list the Notes on the Irish Stock Exchange, with the expectation that the Notes would be traded on its regulated market.

It said the Security and Exchange Commission had confirmed that it had no objection to the transaction. “The final decision to issue the notes will however be subject to finalising the necessary transaction documentation and prevailing market conditions,” the notice said.

Chimara Bygold

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