UBA Plans for $ 500 Million Euro bond in Fourth Quarter
The Chief Executive Officer of UBA Plc, one of Nigeria’s largest bank by assets value has stated that the bank is aiming to raise a $ 500 million Eurobond either in the last quarter of 2012 of the first quarter of 2013.
The issuance will be made in order to boost the company’s foreign currency assets as well as to finance its African expansion.
Earlier this year UBA suspended a rights issuance program aimed at restructuring its equity capital. The company was forced to halt the sale of equity due to the depressed price of its shares after it announced a profit loss.
In an interview with Reuters, Odozua signaled the Eurobond would likely come after the rights issue.
He said, “We’re looking at about $500 million. We’re still at the discussion stage. We haven’t appointed parties. What we want is to do our equity capital raising before the Eurobond and that depends on market conditions.”
The bond would have a tenor of five to seven years.
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