Access Bank Redeems $350m Eurobond

By Nse Anthony-Uko
(Sundiata Finance) – Access Bank plc has announced the final redemption of the $350 million Eurobond notes due July 25, 2017.
The securities were issued in 2012 by Access Finance B.V, a direct, wholly owned subsidiary of the bank – on the back of an unconditional and irrevocable guarantee of the bank.
In October 2016, holders of $113 million of this note elected to exchange same for a new 5-year bond issued by the bank at the time.
Upon maturity of the Eurobond in July 2017, the outstanding portion of $237,003,000 as well as the final coupon value of $8,698,010.00 was redeemed from the bank’s available cash reserves.
Access Bank has continued to maintain a robust balance sheet, supported by its strong liquidity position.
The implementation of a disciplined capital and liquidity plan ensured that the bank was proactive and focused in raising capital in the international market.
Key successful Eurobond transactions from the market include: $350 million (2012), $400 million Subordinated Notes and the $300 million Senior Notes comprising $113 million exchange and $187 million new notes (2016).

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