In a notice at the Nigerian Exchange singed by Ezinwa Unuigboje, Company Secretary, the proceeds of the fund would be used for general corporate purposes including supporting its trade finance business.
“The proposed aggregate offer size is $500 million due 2026 which will when issued rank parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the bank,” the notice said.
The bank said it intended to list the Notes on the Irish Stock Exchange, with the expectation that the Notes will be traded on its regulated market.
It said the Security and Exchange Commission had confirmed that it had no objection to the transaction. “The final decision to issue the notes will however be subject to finalising the necessary transaction documentation and prevailing market conditions,” the notice said.