• World
  • Columnist
  • Commodities
  • WORLD BUSINESS & ECONOMY
  • Executive Knowledge Series
  • Finance
  • Manufacturing
  • Markets
  • Risk & Governance
  • Small Business
  • Technology, Media & Innovation
  • Comments
  • Business AM WebTV
  • Login

Businessamlive
  • FRONTPAGE
  • FINANCE
    • AllAsset ManagementAuditBankingBondBudgetCapital MarketsC&I LeasingCurrencyDealDebt marketForexFund RaisingFundingGovernmentHedge FundsInsuranceInvestmentInvestorInvestor ServicesMergers & AcquistionsMoney marketMortgagePensionsPersonal financePonziQuantitative EasingshareTaxationTSAWealth Management
      Banking

      FBN Holdings appoints new Non-Executive Director

      December 11, 2019

      Finance

      Insurance sector to attract N200bn post-recapitalization – Onyema

      December 10, 2019

      Finance

      Uganda holds key interest rate to help shield economy

      December 9, 2019

      Finance

      CBN gets new director of currency operations

      December 6, 2019

  • MARKETS
  • ECONOMY
    • AllAfricaAgricAirportsAmericaAsiaAustraliaBreakthroughDealEuropeForeign InvestmentsforexGlobal marketGovernanceIMFMiddle EastNECANigeriaOutlookRich listSouth AfricaSport BusinessTradeU.KWest AfricaWorld Economic forum
      Trade

      US agrees to lower tariffs on some Chinese imports in trade deal

      December 13, 2019

      Europe

      European Union agrees to cut emissions to net zero by 2050

      December 13, 2019

      Frontpage

      Stocks pare loses on skepticism around reports of US tariff delay

      December 10, 2019

      Business News

      Standard Chartered removes charges for ATM withdrawals, transfers

      December 10, 2019

  • COMMODITIES
  • ENERGY
    • AllConferenceElectricityOil and GasPowerRenewable
      Energy

      Nigeria LNG, partners sign Train 7 gas supply agreements

      December 13, 2019

      Concerns as NEITI unveils oil blocks’ owners

      December 13, 2019

      Energy

      Who will fund Rosneft’s $157bn mega oil project?

      December 11, 2019

      Energy

      84 women graduate from Intels’ empowerment programme in Rivers 

      December 11, 2019

  • TECHNOLOGY
  • MANUFACTURING
  • ANALYSIS
    • Analysis

      On Nigeria’s cyber security skill gap

      December 10, 2019

      Analysis

      Nigeria’s resilience against global risks

      December 3, 2019

      Analysis

      Getting the Board on board GRC implementation

      December 3, 2019

      Analysis

      How much money do you need?

      December 3, 2019

Frontpage

Nigeria’s GTBank launches invitation to repurchase $400m debt

September 25, 2017930 views0 comments

Nigeria’s Guaranty Trust Bank (GTBank) has indicated that it is seeking to deploy dollars to repurchase its $400 million 6 percent notes due 2018.

In a notice released to the Nigerian Stock Exchange (NSE) Monday, the bank indicated its intent to launch an invitation to holders of its $400 million 6 percent notes due 2018, to tender all or any of the notes in exchange for cash.

“Kindly be informed that GTBank intends to launch an invitation to holders of its US$400 million 6.0 percent Notes due 2018 (the Notes) to tender any and all of their Notes for purchase by GTBank in exchange for cash (the offer),” the notice said.

The bank said it seeks to deploy its available US dollar liquidity to the repurchase of the notes ahead of the scheduled maturity in November 2018, adding that the commencement and settlement dates for the offer are September 25, 2017 and October 5, 2017 respectively.

It said the extent to which the goal could be achieved through the offer will depend on the number of the Notes that would be tendered in the offer, given the voluntary nature of the offer, and that Notes purchased during the offer will be cancelled.

To this end, bank has appointed Lucid Issuer Services Limited as tender agent and Exotix Partners LLP, JP Morgan Securities Plc and Morgan Stanley and Co International Plc as dealer managers to the offer.

According to the notice, the bank launched the offer in order to efficiently manage its debt. The bank may have decided to purchase the notes in order to take advantage of the current dollar liquidity.

The Central Bank of Nigeria (CBN) has relaxed restrictions in its FX policy, which were imposed last year due to increasing oil prices and a recovery of lost crude oil production volumes. A crash in crude oil prices and production volumes, lead to a sharp devaluation of the naira against the dollar and a foreign exchange crisis.

At close of Monday trading on the floor of the Nigerian Stock Exchange (NSE), GTBank shares closed N39.50 down 0.25%. The bank recently declared an interim dividend of 30 kobo per share for the half-year ended June 2017.

Gross earnings increased from N209 billion in 2016 to N214 billion in 2017. Profit before tax increased from N85 billion in 2017 to N101 billion in 2017. Profit after tax increased from N71 billion in 2016 to N83.6 billion in 2017.

Related posts:

Ghana emerges as Nigeria’s biggest trade partner for the first time
FinTech Partners: Nigeria miles away from financial inclusion
Concerns as NEITI unveils oil blocks’ owners
Nigeria falls short of economic growth expectation – IMF
National Assembly transmits 2020 budget to Buhari
NLC gives govs Dec 31 deadline for new minimum wage implementation
Banks refund N76.7bn, $20.9m to customers —CBN 
MTN, Glo, Airtel, 9Mobile, ntel, lose N119bn revenues monthly
Who will fund Rosneft's $157bn mega oil project?
Nigeria to spend N750.81bn on fuel subsidy in 2020
Share on Facebook Tweet Email
TagsGTB Nigeria’s GTBank Nigerian Stock Exchange
PreviousNPDC to grow equity production to 500,000 bpd by 2020, becomes 5th largest oil producer in Nigeria
NextDangote Group to invest $4.6bn in Nigeria’s agriculture, calls for youth involvement in sector

Leave a comment

- Cancel reply

MARKET DATA

Recent Posts

  • Nigeria Daily Street Market Exchange Rate (December 13th 2019)
  • Gold fails to crumble as trade deal hit meets dollar’s decline
  • Nigeria LNG, partners sign Train 7 gas supply agreements
  • US agrees to lower tariffs on some Chinese imports in trade deal
  • Ghana emerges as Nigeria’s biggest trade partner for the first time

World

Europe

EU businesses to cut investments in 2020, says EIB report

America

U.S. increases cost of visa application for Nigerians

Africa

Thatcher-Loving Nigeria Candidate Plans to Overhaul Economy

Africa

Ethiopia considers sale of minority stakes in telecoms, airline to foreign investors

Africa

AfDB scales up industrialization pace on the continent, delivers improved business access to finance, skills, energy

Frontpage posts

0

Southwest farmers plan court action against NIRSAL over N342m CBN fund

Frontpage September 3, 2018

1
2

Nigeria’s investor/exporters’ forex window records $10bn inflow in 6 months – CBN

Frontpage October 13, 2017

3

Outlook for South African banks slightly negative on economic gloom, political upheaval

Frontpage July 28, 2017

4

Nigeria to leverage $1.53bn Lekki Deep Sea Port for export revenue expansion

Frontpage March 29, 2018

5

Nigeria’s investment banking market expands as Nova Merchant Bank debuts

Frontpage February 1, 2018

SUPPORT

  • Photo Gallery
  • Help Centre
  • About Us
  • Accessibility

LEGAL & PRIVACY

  • Terms & Conditions
  • Privacy
  • Cookies
  • Copyright

SERVICES

  • Conferences & Events
  • Analysts Research
  • Advertising Rate
  • Ebooks

TOOLS

  • Portfolio
  • Newsletters
  • News feed
  • Currency Converter

SUBSCRIBE

Join us to get latest updates on business related news.

[mc4wp_form id="3076"]
  • ABOUT US
  • CONTACT US
  • CAREERS
  • TERMS & CONDITIONS
  • PRIVACY POLICY
Copyright 2017. All rights reserved. BusinessAMLive. A Businessnewscorp Member Company.