The United Bank for Africa Plc (NGX: UBA) has redeemed its $500 million 5-year Eurobond notes, with a maturity date of June 8, 2022.
The Eurobond notes were issued in 2017 with a coupon rate of 7.75%.
UBA said it redeemed the notes on Wednesday June 8, 2022 in a document published on the Nigerian Exchange.
“As part of UBA’s liability management strategies, in November 2021, the Group repurchased $310.9 million of the notes through a cash tender offer. Upon maturity, the outstanding portion of $189.1 million and the coupon of $7.3 million were paid,” UBA stated.
Commenting on the development, Kennedy Uzoka, GMD/CEO of UBA said, “The Group’s selective participation in international debt markets is a testament to UBA’s robust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management process.”
“Our significant customer base, diversified geographical spread and multiple decades of proven track record, continue to ensure that UBA is the preferred destination for investors, individuals, and businesses alike,” Uzoka continued.
The equity price of UBA is up 1.30% at N7.80 per share on the floor of the Nigerian Exchange at the time of this report.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.