Guaranty Trust Bank, GTB, has launched a tender offer on Friday to repay a $500-million Eurobond ahead of the debt’s maturity in May. A tender offer is a process of selling some or all of shareholders share in a corporation. The proactive measure taken by the bank is to deploy its available dollar liquidity ahead of the debt’s maturity, Reuters explained.
The bank said the notes, priced to yield 7.5 percent, were voluntary and that the bank would maintain cash to repay any outstanding debt not tendered. The results of the tender offer will be announced on Feb. 11, the bank said.