Zenith Bank Plc has issued a tender offer to holders of its $500m notes due 2022 to tender them for repurchase.

The bank said in a statement that the notes were subject to offer and distribution restrictions and would be exchanged for cash.

The statement read in part, “The bank is offering to repurchase these notes for the purchase price plus the accrued interest amount in accordance with the procedures described in the tender offer memorandum.”

It added that the announcement did not constitute any offer to acquire any of the notes, but was being made solely pursuant to the tender offer memorandum.

Zenith Bank advised the notes’ holders to read the tender offer memorandum for the full details and information on procedures for participating in the tender offer.