Access Bank Plans to Redeem $400m Bond in June

• Access Bank Plans to Redeem $400m Bond in June

Access Bank Plc, Africa’s largest retail bank, has announced its readiness to redeem $400 million Eurobond issued in 2014 before the maturity date.

The Tier-I bank had issued a 7-year bond at 9.25 percent to investors in 2014 but the lender announced its willingness to pay holders of the paper before 2021 maturity.

In a statement issued to the Nigerian Stock Exchange (NSE), the bank said: “Access Bank hereby notifies the Nigerian Stock Exchange (NSE) and the public that it intends to exercise its option to redeem the $400 million subordinated unsecured notes at a fixed rate of 9.25 percent, due 2021.

“The $400 million subordinated bonds, issued in June 2014 by Access Bank Plc, 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 issue 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.”

Meanwhile, the bank threatened to publish names of its delinquent debtors if they failed to pay in two weeks, this includes Diamond bank’s debtors.