Zenith Bank to Raise $500 Million to Boost Operations

Zenith Bank Plc on Thursday notified the Nigerian Stock Exchange (NSE) of its intention to raise up to $500 million under its global Medium Term Notes programme established in 2014.

The bank had established a $1 billion global medium term note programme in 2014 and had raised $500 million under the first tranche of notes issued.

In a notification to the NSE, signed by the Company Secretary, Mr. Michael Out, Zenith Bank said it intends to revalidate the raised $500 million under the second tranche of the programme.

According to the bank, the proceeds of the second tranche of the notes would be utilised for its general banking purposes.

“As was done in 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 same,” the bank said.

Leave a Reply