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.”