Culled—Proshare

October 7, 2016/CardinalStone Research

On 3 October 2016, Access bank announced an Exchange Offer invitation to the current holders of the U.S $350,000,000 7.25% Guaranteed Notes due 2017 to offer any or all of their existing Notes for its new U.S dollar denominated fixed rate senior notes due 2021 which will be issued by the bank under its U.S $1,000,000,000 Global Medium Term Note Programme. Please find below Key notes relating to the offer.

Key Notes

• Minimum new issue yield (the bond can only be issued at or above this yield) fixed at 9.0%.

  •           The New issue yield will be determined by the bank along with the New Issue Coupon and Price on or around 4:00 p.m. (London time) (the “Pricing Time”) on 12 October 2016 (the “Pricing Date”).

  •           The exchange offer will expire at 4:00 p.m. (London time) on 11 October 2016, unless extended, re-opened or terminated as provided in the exchange offer memorandum.

  •           The Bank will announce the aggregate principal amount of Existing Notes validly submitted for exchange and received by the Exchange Agent at or prior to the Exchange Deadline at around 9.00am on 12 October 2016.

  •           The Bank may, in its sole discretion, extend, re-open, terminate, amend or waive any or all conditions of the Exchange Offer at any time (subject to applicable law and as provided in the Exchange Offer Memorandum).

  Additional information on coupon/ final-yield to follow after further details on pricing are released.