Zenith Bank Plc. management has announced the redemption of matured US$500 million Eurobond due on April 22, 2019.

In a statement released through the Nigerian Stock Exchange, the bank said bondholders were settled from available cash reserves.

The lender issued the US$500 million Eurobonds on April 22, 2014, under its $1 billion global medium-term note program.

The Eurobonds, with a 5-year maturity, were sold to investors at a coupon of 6.250 per cent.

The outstanding balance of $500 million of the $1 billion global medium-term note was later issued in May 2017 and is expected to mature in May 2022.

In the statement to the NSE, Zenith Bank said “leveraging on its strong and highly liquid balance sheet as well as its outstanding treasury management capability, completely redeemed the note using the bank’s available cash reserves.”