UBA $500m Notes Attracts 62.186% Tender


United Bank for Africa Plc (UBA) has provided an update on its 8 November 2021 invitation to eligible noteholders  for its outstanding notes of U.S.$500,000,000 tendered for purchase, saying aggregate principal amount tendered was U.S.$310,930,000 as at when the offer expired at 5:00 p.m. (New York City time) on 16 November 2021. This translated to 62.186% subscription.

In a notice at the Nigerian Exchange, the African leading bank said “the Settlement Date and Guaranteed Delivery Settlement Date (as applicable), which are both expected to occur on 19 November 2021.

“In addition to the Purchase Price, Noteholders whose Notes are purchased in the Offer will be paid interest accrued and unpaid on the relevant Note or Notes from (and including) the interest payment date for the Notes immediately preceding the Tender Offer Settlement Date to (but excluding) the Tender Offer Settlement Date.” Citigroup Global Markets Limited, Mashreqbank psc, Renaissance Securities (Cyprus) Limited and Standard Chartered Bank are acting as Dealer Managers for the Offer and Citibank, N.A., London Branch is acting as Tender Agent.

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