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ZENITHBANK Announces The Results Of Its Invitation To Purchase Notes For Cash

Stock & Analyst Updates	1558 VIEWS
Stock & Analyst Updates
1558 VIEWS

Thursday, September 12, 2019 /05:49 PM /NSE /Header Image Credit: Zenith Bank

Further to its announcement on 4 September 2019 and the Expiration Deadline at 5:00pm (London time) on 11 September 2019, Zenith Bank Plc (the "Company") hereby announces the results of its invitation to holders of the U.S.$500,000,000 7.375% Notes due 2022 (Regulation S: Common Code: 161983977, ISIN: XS1619839779; Rule 144A: Common Code: 161984078, ISIN: US98935LAB36, CUSIP: 98935LAB3) (the "Notes") issued by the Company to tender such Notes for purchase by the Company for cash (the "Tender Offer").

The Tender Offer was made upon the terms and subject to the conditions set out in a tender offer memorandum dated 4 September 2019 (the "Tender Offer Memorandum").

Capitalised terms used and not otherwise defined in this announcement have the meanings given in the Tender Offer Memorandum.

Results

The Company has received valid tenders for purchase of US$392,596,000 in aggregate principal amount of Notes pursuant to the Tender Offer. This amount includes Notes tendered using the guaranteed delivery procedures as set out in the Tender Offer Memorandum and subject to the Guaranteed Delivery Deadline on 13 September 2019. The Company hereby announces that, in accordance with the Tender Offer Memorandum, it intends to accept for purchase such Notes validly tendered.

Purchase Price

Subject to the Minimum Denomination, the Company will pay for the Notes accepted by it for purchase pursuant to the Tender Offer a price in cash equal to U.S.$1,085 per U.S.$1,000 in principal amount of the Notes plus the Accrued Interest Amount. The Purchase Price and the Accrued Interest Amount will be paid on the Payment Date, expected to be on or about 16 September 2019.

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