UBA Plc Successfully Launches US$300m 5-Year Senior Notes Under Its USD1.5bn GMTN Programme

Proshare

Friday, November 12, 2020 / 09:20 AM / By NGX / Header Image Credit: UBA Group


Proshare Nigeria Pvt. Ltd.


United Bank for Africa Plc ("UBA" or the "Group") successfully raised USD 300 million through its recently announced GMTN programme. The Global Offering represents five-year senior unsecured notes (144A/Reg S) listed on the London Stock Exchange and was the first issue out of the newly established USD 1.5 billion Global Medium Term Note Programme, established in November 2021.

 

The senior notes, rated by both Fitch (B) and S&P (B-), mature in November 2026 and were issued at a coupon of 6.750%. Net proceeds from the sale of the Notes will be applied towards the repayment of outstanding debt. The issuance was arranged by a syndicate of joint lead managers and bookrunners comprising Citibank, Mashreqbank, Renaissance Capital and Standard Chartered Bank. United Capital Plc acted as a Financial Adviser and Joint Bookrunner.

 

UBA announced the offering on November 8, 2021. Investor interest was global, including the United Kingdom, Europe, Asia, Africa, the Middle East and the US. The senior notes were priced yesterday evening via intra-day execution and the orderbooks were 1.7x oversubscribed. The successful issue reflects continuing global investor appetite for UBA's credit and support for the Group's pan-African strategy.


Proshare Nigeria Pvt. Ltd.


The new issue was launched alongside a Tender Offer on the outstanding USD500 million, 7.750% notes due 2022. The expiration date of the cash Tender Offer is November 16, 2021. Citibank, Mashreqbank, Renaissance Capital and Standard Chartered Bank are acting as Dealer Managers on the Tender Offer.

 

Speaking on the offering, the Group Managing Director & CEO of UBA Plc, Mr. Kennedy Uzoka stated: "This successful dollar-denominated offering further illustrates global investor confidence in the strong fundamentals of our Group. It is a testament to our customer first strategy, pan-African growth story, supported by prudent risk management and benchmark asset quality ratios".

 

Also commenting on the Eurobond, the Group CFO, Mr. Ugo Nwaghodoh said: "UBA's successful global offering is another milestone for the Group. The new issue further enhances our stable funding base and supports the growth of our balance sheet and our overall business".

 

UBA is a leading full-service pan-African bank with presence in 20 African countries and offering banking services to more than 25 million customers. With presence in New York, London, and Paris, UBA is connecting people and businesses across Africa through retail, commercial and corporate banking, innovative digital banking offerings, trade finance and ancillary banking services.


Proshare Nigeria Pvt. Ltd.


Related News

  1. Fitch Rates UBA's USD1.5bn GMTN Programme 'B (EXP)'
  2. UBA Plc Notifies of Its Senior Unsecured Note Issuance With a 5-Year Maturity
  3. UBA Plc Reports N105bn PAT in Q3 2021 Results, (SP:N8.40k)
  4. UBA H1 2021 Audited Result: Bottom line Sunny as Loans and Advances Rise
  5. UBA's LEO Continues to Evolve, Remains Smartest Banking Chatbot
  6. UBA Foundation's National Essay Competition(NEC) 2021 Ready to Receive Digital Applications
  7. Fitch Affirms UBA at 'B'; Outlook Stable
  8. UBA Plc Reports N60.6bn PAT in Q2 2021 Audited Results, Proposes 20K Interim Dividend; (SP:N7.65k)
  9. UBA Plc Notifies of Delay in the Publication of its Half Year 2021 Audited Financial Statements
  10. UBA Plc Approves Q2 2021 Audited Results and Payment of Interim Dividend, Awaits Regulatory Approval
  11. Moody's Announces Completion of a Periodic Review of Ratings of UBA Plc
  12. UBA Appoints Caroline Anyanwu as a Director
  13. The UBA Africa Conversations 2021: Africa to the World
  14. UBA Q1 2021 Results Review: Reiterating Outperform Rating Following Strong Q1 Results
  15. UBA Declares N38.2bn PAT in Q1 2021 Results,(SP:N6.95k)
  16. UBA Plc Vs Vertex Agro Ltd - An Insight into the Court of Appeal Landmark Decision
  17. UBA Q4 2020 Results Review: Solid Q4 Results; Reiterating Outperform Rating


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP