UBA plans additional capital through $500m Eurobond issuance
United Bank for Africa Plc (UBA) has notified the Nigerian Stock Exchange (NSE) and the investing public of its intention to launch a $500 million senior unsecured medium term debt notes.
The bank said it intends to list the notes on the Irish Stock Exchange, with the expectation that it would be traded on its regulated markets.
It informed the investing on Tuesday through the NSE that the Central Bank of Nigeria and the Securities and Exchange Commission have since given “No Objection” approvals to the transaction.
The Pan African financial institution said: “UBA intends to issue the notes directly, but will retain the flexibility to substitute the issuer with an offshore special purpose vehicle, where market conditions require and allow for such, prior maturity of the notes.
“The bank intends to utilize the net proceeds of the notes for its general banking purposes. UBA will pay the net proceeds from the notes issuance into its foreign currency domicilary account, which may be retained by UBA in foreign currency or converted into naira, depending on UBA’s requirement from time to time,” the bank explained.
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