Nigeria's Diamond Bank in talks to raise medium-term funding

LAGOS (Reuters) - Nigeria's Diamond Bank is in talks with a multilateral agency to raise medium-term funding over a 5-year period and will repay a $200 million Eurobond due in May on maturity from its own cash and other sources, the mid-tier lender said on Friday.

The bank said it has completed due diligence and agreed indicative terms with the agency, which it declined to name.

Diamond Bank shares, which have been in freefall this month, dropped 3 percent on Friday to a new record low of 0.65 naira each.

(Reporting by Chijioke Ohuocha; Editing by Adrian Croft)

2018-11-30 15:33:19

© 2019 Thomson Reuters. All rights reserved. Reuters content is the intellectual property of Thomson Reuters or its third party content providers. Any copying, republication or redistribution of Reuters content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters. Thomson Reuters shall not be liable for any errors or delays in content, or for any actions taken in reliance thereon. "Reuters" and the Reuters Logo are trademarks of Thomson Reuters and its affiliated companies.