Zenith Bank Plc has notified investors of the $500 million second tranche Global Medium Term Note Programme. The lender had earlier in 2014, established $1 billion Global Medium Term Note Programme and subsequently raised $500 million under the first tranche of Notes issued under the programme.
Zenith Bank Company Secretary, Michael Otu, said the bank now intends to revalidate the programme and raise up to $500 million under the second tranche of notes that will be issued under the programme.
“The first Tranche Notes has been listed and admitted to trading on the Irish Stock Exchange (ISE) and it is intended that the second tranche notes will also be listed on the ISE and admitted to trading on its regulated market. ”As was done with the first tranche notes, the bank intends to issue the second tranche notes directly but will retain the flexibility to issue through an offshore special purpose vehicle where market conditions require and allow for same,” he said in a statement.
