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Nigeria's Zenith Bank launches tender offer for $500M bond holders

Nigeria-based Zenith Bank PLC has set out an offer to holders of its 7.375% $500 million bonds, due 2022, to tender their notes for cash.

The lender said the tender offer is aimed at proactively managing upcoming debt.

The offer will begin Sept. 4 and expire on Sept. 11. The results of the offer will be announced the following day on Sept. 12 and payment is expected to occur Sept. 16.

Citigroup Global Markets Limited and Goldman Sachs International are serving as joint dealer managers.