Fidelity Bank Issues $400m Eurobond, Refinances $256m of Maturing Notes Goddy Egene Top Nigerian lender, Fidelity Bank Plc on October 11, 2017, returned to the international capital markets and priced a successful $400 million five-year Eurobond at a 10.50 per cent coupon. The transaction also included the $256 million repurchase of its existing $300 million
Eurobond maturing in May 2018. The transaction, according to the bank, was part of a strategic liability management exercise designed to extend Fidelity Bank’s debt maturity profile and proactively refinance the
maturing 2018 Eurobond. The transaction, regarded as the largest combined new issue and liability management offering ever by a Nigerian issuer, was managed by Citigroup Incorporated, Renaissance Capital and Standard
Bank Group Limited, said a statement from Fidelity Bank yesterday. The bank conducted a comprehensive fiveday roadshow, with its senior management team covering London, Boston and New York as well as
numerous calls with West Coast accounts and other global investors, resulting in an over 200 per cent oversubscription, with investors placing orders of $630 million. The strong investor demand, said the statement,
Intels: NPA Frustrated Attempts to Resolve TSA Logjam… Page 8
allowed the bank to increase the offer size to $400 million whilst achieving a lower coupon rate of 10.50 per cent. The deal achieved a wide market distribution with over 100 investors from the U.K., U.S., Continental Europe, Asia and Africa subscribing to the new issue. Continued on page 8
Tuesday 17 October, 2017 Vol 22. No 8216. Price: N250
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Shell Executives Charged in Italy over Malabu Deal Agbakoba asks court to restrain Buhari from continuing as oil minister Fire guts part of Kachikwu’s Abuja home, Baru visits him in Lagos Davidson Iriekpen, Ejiofor Alike in Lagos and Chineme Okafor in Abuja with agency report Senior Royal Dutch Shell executives have been charged in Italy for their role in an alleged vast “bribery scheme” that deprived Nigeria of over a billion dollars from the sale of a prolific oil block – Oil
Prospecting Lease (OPL) 245 – by Malabu Oil and Gas Limited to Shell and Italian oil giant, Eni, in 2011, the Milan Public Prosecutor’s Office confirmed last Friday to Global Witness, a nongovernmental organisation fighting corruption. Continued on page 10
27 Plateau Victims Given Mass Burial After Latest Attack by Suspected Herdsmen President condemns incident, orders security forces to arrest situation Seriki Adinoyi in Jos It was another moment of grief yesterday morning in Nkiedonwhro village, Bassa Local Government Area in Plateau State when at least
27 people were massacred in their sleep by gunmen suspected to be cattle herders. The latest is about the third Continued on page 8
GETS STARSTRUCK… NLNG Demands N101bn Judgment WIKE Rivers State Governor, Nyesom Ezenwo Wike (middle), Real Madrid FC star striker, Cristiano Ronaldo (left), and former international, Chief Adokiye Amiesimaka, when Wike visited the Real Madrid training ground in Madrid, Spain, Debt from NIMASA… P a g e 4 2 Nigerian yesterday to discuss the establishment of a Real Madrid affiliated football academy in Rivers State