Fidelity Bank Raises N41.2bn From Bond Issuance

Fidelity bank Plc said it has secured N41.2bn from the issuance of its unsecured subordinated bond due for 2031.

The second tier bank disclosed this on Wednesday in a circular sent to the Nigerian Stock Exchange.

Fidelity Bank said it has “concluded the issuance of the offer for subscription of N41,213,000,000 8.5 per cent fixed rate Unsecured Subordinated Bond due 2031.”

A total of 107 commitment forms of 56,593,000 units were received in connection with the offer, according to the bank.

The lender said 78 commitment forms out of the total receipts were accepted, adding that the forms amounted to N41.2bn with a clearing price of 8.5 per cent.

Fidelity Bank disclosed that based on the terms, the offer has been subscribed 100 per cent.

According to the bank, the Securities and Exchange Commission has cleared the basis of the allotment of the bonds.

The lender noted that the allotment would be effected by way of e-allotment to successful allotees.