Fidelity Bank Proposes $500 Million Unsecured Notes

October 20, 2021/NGX

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Fidelity Bank Plc (the “Bank”) is considering raising capital from the international debt capital market through an unsecured notes issuance, proceeds of which are intended to be used for general corporate purposes including supporting its trade finance business (the “Transaction”).

The proposed aggregate offer size is U.S.$500,000,000 (Five Hundred Million United States Dollars), due 2026, which will when issued rank parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the Bank (the “Notes”). The Company intends to list the Notes on the Irish Stock Exchange, with the expectation that the Notes will be traded on its regulated market. The Securities and Exchange Commission has confirmed that it has no objection to the Transaction.

In view of the foregoing, the Bank is pleased to notify the Nigerian Exchange Limited of planned investor meetings with respect to the Transaction scheduled to commence today October 18 2021.

The final decision to issue the Notes will however be subject to finalising the necessary Transaction documentation and prevailing market conditions.

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