Page 325 - ACCESS BANK ANNUAL REPORTS_eBook

Movement in Debt securities issued:
Group Bank
In thousands of Naira

Net debt as at 1 January 2017 316,544,502 243,952,418
Debt securities issued 121,486,981 121,486,981
Repayment of debt securities issued (151,694,953) (79,102,869)
Total changes from financing cash flows 286,336,530 286,336,530
The effect of changes in foreign exchange rates 18,173,205 18,173,205

Other changes
Interest expense 35,947,693 35,947,693
Interest paid (38,350,722) (38,350,722)
Balance as at 31 December 2017 302,106,706 302,106,706

(a) This refers to USD350,000,000 7.25% guaranteed notes issued on 25 July 2012 by Access Finance B.V., Netherlands
with a maturity date of 25 July 2017 . In Oct 2016, USD 112,997,000 out of USD 350,000,000 was exchanged at a premi-
um for a new note issued by Access Bank Plc.
This has been fully redeemed on the maturity date.

(b) This refers to US$400,000,000 subordinated notes of 9.25% resettable interest issued on 24 December 2014 with
a maturity date of 24 December 2021 and US$300,000,000 notes of 10.5% interest issued on 19 October 2016 with a
maturity date of 19 October 2021. These represent an amortized cost of N231.18bn.

(c) This relates to short term debt financing securities issued by the Bank.

The principal amount on both notes are payable at maturity, whilst interest is payable on a semi-annual basis at their
respective interest rates.”

Access BAnk Plc 325
Annual Report & Accounts 2017