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Access Bank Eurobond Oversubscribed by $150 million

By on July 30, 2012

Access Bank’s Eurobond offering of US$350,000,000 Senior Notes due 2017 – The Bank notified The Exchange that it has successfully concluded the Access Bank debut Eurobond issue which was launched last week after a roadshow in Europe and USA. The issue was launched to raise the sum of USD350 million and the Bank received commitments from a diverse group of leading global institutional investors for approximately USD500 million. The commitments were scaled down to reflect the USD350 million that the Bank sought to raise.

 

Settlement in respect of the offer occurred yesterday and the notes will be admitted to trading on the London Stock Exchange today, Thursday, July 26, 2012. Proceeds will be applied towards supporting the business of the Bank‟s foreign currency earning customers, particularly in the oil & gas and power sectors. It will also help in stabilizing and strengthening Access Bank‟s foreign currency book. Below is the Bank‟s announcement:

 

Access Bank Plc announces the offer of US$350,000,000 Senior Unsecured Notes due 2017 (the “Notes”). The Notes are issued by Access Finance B.V., a subsidiary of Access Bank Plc and are irrevocably guaranteed by Access Bank Plc. The net proceeds from the issuance serve as a source of longer term foreign currency financing which Access Bank will use to diversify its funding and support the businesses of its customers.

 

Goldman Sachs International and Citigroup advised Access Bank on the transaction and acted as Joint Book runners for the Eurobond. Access Bank provides a wide range of banking and other financial services in Nigeria and the sub- Saharan Africa region, as well as the United Kingdom. Access Bank served approximately 5.1 million customers from 375 branches, including 349 banking branches and 26 non-banking branches as at 31March 2012, with total assets of NGN1, 739 bn ($11 bn) as at that date.

 

This announcement does not constitute an offer to sell or the solicitation of an offer to buy any Senior Unsecured Notes, nor there be any sale of Senior Unsecured Notes referred to in this announcement, in any jurisdiction, including the United States, in which such offer, solicitation or sale is not permitted. The Senior Unsecured Notes may not be offered or sold in the United States absent registration under the U.S. Securities Act, or an exemption from the registration requirements of the U.S. Securities Act. Any public offering of the Senior Unsecured Notes to be made in the United States will be made by means of a prospectus that may be obtained from Goldman Sachs International at Peterborough Court, 133 Fleet Street, London EC4A 2BB, Prospectus Department (+44 (0) 207 774 3904) and that will contain detailed information about Access Bank Finance B.V. and Access Bank Plc.

 

The Senior Unsecured Notes have not been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. State security laws. Accordingly, the Senior Unsecured Notes are being offered and sold in the United States only to qualified institutional buyers in accordance with Rule 144A under the U.S. Securities Act and to non-U.S. persons outside the United States in accordance with Regulation S under the U.S. Securities Act.

 

The offer and sale of the Senior Unsecured Notes will be made pursuant to an exemption under the Prospectus Directive, as implemented in Member States of the European Economic Area, from the requirement to produce a prospectus for offers of securities. This announcement does not constitute an advertisement for the purposes of the Prospectus Directive.