The United Bank for Africa (UBA) on Wednesday completed the redemption of its debut $500 million five-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.
In November 2021, as part of UBA’s liability management strategies, 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.
“The development is a testament to UBA’s robust and prudent liquidity management strategies, coupled with a very strong and diversified asset and liability management process. This, in spite of macroeconomic headwinds underpinned by FX illiquidity, double-digit inflation and currency devaluation,” said Kennedy Uzoka, GMD/CEO of UBA.
“Our huge customer base, diversified geographical spread and uncommon multiple decades of proven track record, continue to spotlight UBA as the preferred destination for investors, individuals and businesses alike.”
