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Fidelity Bank to Raise U.S$500 Million for General Corporate Purposes

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fidelity bank - Investors King

Fidelity Bank, Nigeria’s leading tier-II bank, is planning to raise US$500,000,000 from the international debt capital market through an unsecured note issuance, the bank disclosed in a statement filed with the Nigerian Exchange Limited on Monday.

According to the bank, the proceeds will be used for general corporate purposes and to support its trade finance business.

The proposed aggregate offer size is US$500 million, due 2026, which will when issued ranked parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the Bank. The lender intends to list the Notes on the Irish Stock Exchange, with the expectation that the notes will be traded on its regulated market. The Securities and Exchange Commission has confirmed that it has no objection to the transaction.

“In view of the foregoing, the Bank is pleased to notify the Nigerian Exchange Limited of planned investors meetings with respect to the Transaction scheduled to commence today October 18, 2021.

“The final decision to issue the Notes will however be subject to finalising the necessary transaction documentation and prevailing market conditions,” the bank stated.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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