Nigeria’s Guaranty Trust to buy $126.59 million of tendered 7½% notes

By Wendy Van Sickle

Columbus, Ohio, Feb. 11 – Guaranty Trust Bank plc said holders tendered $126,586,000 of 7½% notes due 2016 in its offer to purchase any and all of the $500 million of outstanding notes.

The notes were issued by GTB Finance BV and are guaranteed by Guaranty Trust Bank.

The offer expired at 5 p.m. ET on Wednesday.

All of the tendered notes were accepted for purchase. The issuer will pay $1,002.50 per $1,000 principal amount of the tendered notes plus accrued interest.

Settlement will be Feb. 16.

A total of $373,414,000 principal amount of the notes will remain outstanding.

As previously reported, the bank said it sought to use its available dollar liquidity for the repurchase of the notes ahead of their scheduled maturity in May. The bank said it plans to maintain cash available to repay at maturity any outstanding securities not tendered.

The dealer managers are J.P. Morgan Securities plc (866 834-4666, +44 207 134 2468 or em_europe_lm@jpmorgan.com) and Morgan Stanley & Co. International plc (800 624-1808, +44 207 677 5040 or mliabilitymanagementeurope@morganstanley.com).

The tender agent is Lucid Issuer Services Ltd. (+44 207 067 9098 or attn: Paul Kamminga, gtb@lucid-is.com).

The issuer is based in Lagos, Nigeria.

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