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UACN Property Announces Early Redemption of N4.4 billion 5-Year Series 1 Bonds

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UACN Property Announces Early Redemption of N4.4 billion 5-Year Series 1 Bonds

UACN Property Development Company Plc on Monday announced it will redeem N4.355 billion 5-year, 16 percent fixed-rate senior guaranteed series 1 bonds due 2023 under the N20 billion bond issuance programme on April 26th, 2021 together with accrued Coupon.

The company stated in a statement signed by Folake Kalaro, Company Secretary, UACN Property.

The statement read, “Notice is hereby given to the Series 1 Bondholders (“Bondholders”) that, pursuant to Condition 3.2 of the Terms and Conditions of the Bonds (the “Conditions”), the Issuer will redeem the N4,355,000,000 Series 1 Bonds on the 26th of April, 2021 (the “Redemption Date”) together with accrued Coupon up to, but excluding the Redemption Date. Coupon on the Bonds will cease to accrue on and after the Redemption Date.”

“Following the Redemption, the listing of the Bonds on the FMDQ Securities Exchange Limited will be cancelled.

“On the Redemption Date, Africa Prudential Plc as the Registrar of the Bonds, shall pay to each Bondholder, the amount payable to him/her in respect of the Redemption equal to 100% of the principal amount together with all accrued and unpaid Coupon and such payment shall be made to the bank account designated by each Bondholder for that purpose.

“Words and expressions used in this Notice shall, unless defined herein or the context otherwise requires, have the same meaning as in the Conditions.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Fidelity Bank to Raise U.S$500 Million for General Corporate Purposes

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fidelity bank - Investors King

Fidelity Bank, Nigeria’s leading tier-II bank, is planning to raise US$500,000,000 from the international debt capital market through an unsecured note issuance, the bank disclosed in a statement filed with the Nigerian Exchange Limited on Monday.

According to the bank, the proceeds will be used for general corporate purposes and to support its trade finance business.

The proposed aggregate offer size is US$500 million, due 2026, which will when issued ranked parri passu, without preference among themselves, with all other unsecured and unsubordinated obligations of the Bank. The lender intends to list the Notes on the Irish Stock Exchange, with the expectation that the notes will be traded on its regulated market. The Securities and Exchange Commission has confirmed that it has no objection to the transaction.

“In view of the foregoing, the Bank is pleased to notify the Nigerian Exchange Limited of planned investors meetings with respect to the Transaction scheduled to commence today October 18, 2021.

“The final decision to issue the Notes will however be subject to finalising the necessary transaction documentation and prevailing market conditions,” the bank stated.

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$4 Billion Eurobond to Deepen External Reserves, Build Confidence in Medium-term – Ecobank CEO

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The Cheif Executive Officer and Managing Director of Ecobnak Nigeria, Patrick Akinwuntan, has said the recent $4 billion Eurobond issued by the Federal Government of Nigeria will deepen external reserves and allows more confidence in the medium-term planning in the private sector.

Akinwuntan, who was assessing the global market as Nigeria announced its multibillion dollar Eurobond offering, during an interview on Arise TV in Lagos, said such loans would give a fresh breath to the economy because when the country takes on Euro bond that portion is reduced from its financing or public sector debt.

He advised those approaching the international debt market to have clarity of purpose and state their strengths and weaknesses.

Akinwuntan said the economy is showing strong trends owing to investments in infrastructure such as road and rail transportation, which is giving a lot of positive impact to the economy, adding that the private sector is also making improvements in power sector, telecoms, and information technology.

He said: “In the last two quarters, we have seen the global market rebounding from the very deep end of the COVID-19 that plagued 2020. We have seen, since the arrival of vaccines, the gradual opening of the global economy such that there is much more optimism in the market because we have learnt that shutting down the economy is not the best way to handle an epidemic and we have seen support from sovereigns, ensuring that there is steady growth within the various economies; supply chain has opened and we have seen in sub-Sahara Africa renewed interest in the Eurobond market in the international debt market. We have seen Benin republic, Ghana, Cote d’ivoire and Kenya all are approaching the market with significant success.

“Over subscription in each of them ranges from 200 per cent to 300 per cent and an all-high in Kenya close to 600 per cent or six times over subscription. This is a positive period for major economies like Nigeria, which is the lead economy in Africa, to take advantage and invite the global community to hear our story, invest in us and get good returns.”

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MTN Nigeria to Raise N89.9 Billion Via Bond Issuance

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MTN Nigeria - Investors King

MTN Nigeria Communications Plc (MTN Nigeria) has announced plancs to raise another N89.999 billion through bond issuance under its N200 billion registered shelf programme.

The telecommunications giant stated in a note to the Nigerian Exchange Limited and investing public.

MTN Nigeria said “an application has been submitted to the Securities and Exchange Commission (SEC) for the clearance of transaction documents for MTN Nigeria’s proposed bond issuance valued at N89,999,000,000; Series 2 of the N200,000,000,000 registered shelf programme.”

The telecom company had successfully raised N110,001,000,000 through Series 1 bond in the month of May 2021.

However, it said the final decision on the launch of the Series 2 bond will be taken once all regulatory approvals are obtained, and the investing public will be duly notified.

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