Nairametrics| Barely a few months after Zenith bank shareholders rejected the proposed capital raising exercise, the bank has come up with another method of raising capital. In a note to the Nigerian Stock Exchange (NSE), the bank signified its intention to raise$500 million in the second tranche of its Global Medium Term Note Programme. Here are details of the term Note:
- The bank intends raising $500 million dollars which is the second tranche from its $1 billion Global Medium Term Note Programme, first launched in 2014.
- The bank raised $500 million in its first tranche.
- The term note will be listed on the Irish Stock Exchange (ISE) and will trade on its regular market.
- The bank intends to raise the money directly but will use a Special Purpose Vehicle (SPV) if required.
- The bank intends to utilize the proceeds for “general banking purposes”.
- Net proceeds for the notes will be paid into the bank’s foreign currency account and may be converted into naira or retained in foreign currency.
- The bank will make principal and interest payments from its foreign reserves, but in the event of not being able to do so, it will seek access from the official foreign exchange market.
Below is a copy of the notice.