UBA redeems $500m 5-year Eurobond

United Bank for Africa (UBA) has redeemed its debut $500 million 5-year Eurobond notes with the maturity date of June 8, 2022.

Issued in 2017, the five-year bond was offered at a coupon rate of 7.75%, and raised to support the Bank’s business in key sectors of the economy.

As part of UBA’s liability management strategies, in November 2021, the bank repurchased $310.9 million of the notes through a cash tender offer. Upon maturity of the Eurobond, the outstanding portion of $189.1 million and the coupon of $7.3 million were redeemed by the bank.

Source: UBA redeems $500m 5-year Eurobond – StocksWatch (stocksng.com)

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