Access Bank Leading bank seeks approval for $500 mln debt sale

The shareholder meeting on the proposed debt sale has been fixed for April 27.

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Herbert Wigwe speaking to Pulse Nigeria at the Access Conference 2015 play

Herbert Wigwe speaking to Pulse Nigeria at the Access Conference 2015

(Pulse)
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Nigeria's Access Bank plans to seek shareholder approval this month to raise up to 100 billion naira ($505 million) in debt capital via a public offering or a private placement, the bank said on Monday.

The shareholder meeting on the proposed debt sale has been fixed for April 27.

Access Bank raised 41.7 billion naira last year through a rights issue to fund expansion of its branch network and lending. The amount raised was less than the 52.6 billion naira targeted, with analysts citing difficult market conditions.

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