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United Bank for Africa Plc (UBA) has proposed to redeem its outstanding $500million 7.750% 2022 bonds and will soon announce a cash tender offer for any and all of the outstanding bonds (the Tender Offer). Citigroup Global Markets Limited, Mashreqbank psc, Renaissance Securities (Cyprus) Limited, and Standard Chartered Bank are dealer managers for the Tender Offer.
UBA has also notified the Nigerian Exchange Limited (NGX) that it has mandated Citigroup Global Markets Limited, Mashreqbank psc, Renaissance Securities (Cyprus) Limited, Standard Chartered Bank, and United Capital Plc as Joint Lead Managers to arrange a global investor call in addition to a series of fixed income investor meetings (each of which will not constitute a public offer in Nigeria) commencing on November 8, 2021. Thereafter, a 5-year fixed-rate benchmark USD denominated Regulation S/144A Senior Unsecured offering under UBA’s Global Medium Term Note Programme may follow, “subject to market conditions”, the bank said in a November 8 note to the Nigerian Exchange Limited.
The Africa’s global bank had recorded an impressive performance in its unaudited financial results for the third quarter (Q3) ended September 30, 2021, recording impressive growth across all its major indices, replicating the commendable performance it achieved in the first two quarters of the current fiscal year.
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Specifically, the bank’s Gross Earnings rose to N490.3 billion, up from N454.4 billion recorded in September 2020, while Operating income grew by 13percent year-on-year to close at N331.7 billion as at September 2021, up from N293.7 billion achieved a year earlier.
In the report filed with the Nigerian Stock Exchange (NSE) on Monday, UBA reported a 37percent rise in Profit Before Tax to close at N123.4 billion compared to N90.4 billion recorded at the end of the third quarter of 2020, while profit after tax rose significantly by 36percent to N104.6 billion up from N77.1 billion recorded a year earlier, thus putting its annualised return on average equity for Q3 2021 at 19.2percent compared to 16.4percent recorded in the similar period of 2020.
