The bank’s secretary, Ezinwa Unuigboje, stated this in a statement on Monday.

A loan that is not secured by the issuer’s assets is known as an unsecured note because it is usually not backed by collateral, the interest rates are greater than secured notes.

The bank intends to list the notes on the Irish Stock Exchange, with the proceeds going to general corporate purposes, including boosting the bank’s trade finance operations, according to the statement.

The statement added that the debt service will be due in 2026.

The Securities and Exchange Commission (SEC) has approved the deal, according to Fidelity Bank.

“The purposed aggregate offer amount is $500 million, payable 2026,” according to the announcement, “which will rank pari passu, without preference among themselves, alongside the Bank’s other unsecured and unsubordinated liabilities when issued.”

“The business aims to list the Notes on the Irish Stock Exchange, with the expectation that they will be traded on the Irish Stock Exchange’s regulated market.”
The Securities and Exchange Commission has certified that it does not have any objections to the deal.

“In view of the foregoing, the Bank is pleased to notify the Nigerian Exchange Limited of planned investors meetings with respect to the transaction scheduled to commence today October 18, 2021.

“The final decision to issue the notes will however be subject to finalising the necessary transaction documentation and prevailing market conditions.”