UBA redeems $500m five-year Eurobond notes
Written by on June 9, 2022
United Bank for Africa (UBA) has redeemed its debut $500 million five-year Eurobond notes which matured yesterday.
The Eurobond notes, issued in 2017, were offered at a coupon rate of 7.75 per cent.
The bond was raised to support the bank’s business in key sectors of the economy.
UBA had last November repurchased $310.9 million of the notes through a cash tender offer, in line with its liability management strategies.
In a statement, the bank explained that upon maturity of the Eurobond, the outstanding portion of $189.1 million and the coupon of $7.3 million were redeemed by the bank.
UBA has presence in 20 African countries, including Nigeria, as well established operations in France, the United Kingdom (UK) and the only sub-Saharan African bank with a deposit-taking licence in the United States.
The bank is a renowned financial institution providing banking and financial services to over 33 million customers across the globe.
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