By Samuel Bankole
Nigeria’s UACN Property Development Company on Monday said it plans to liquidate its N4.35 billion bond due on April 29, 2021, ahead of the April 26, 2023 due date.
In a regulatory filing to the Nigerian Stock Exchange (NSE), the company said it will also cancel the listing of the bonds on the FMDQ Securities Exchange after repayment to bondholders.
The property firm said it will payback to the holders 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 canceled,” the company said.
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“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 percent 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,” UACN Property said in the filing.
The N4.355 billion Series 1 Senior Guaranteed Fixed Rate Bond Due 2023 was issued in 2018 under the company’s N20 billion Bond Issuance Programme.
UACN Property Development’s main business is the acquisition, development, sales, and management of high quality serviced commercial and residential properties in the luxury, premium and classic segments of the real estate market in Nigeria.
