NCBA Kenya has issued a notice announcing the intention to redeem its Ksh7 billion medium-term note on 14th September 2020. The move will see the notes delisted from the Fixed Income Securities Market Segment of the Nairobi Securities Exchange.
The note was issued by Commercial Bank of Africa which last year completed a merger with NIC Bank to form NCBA. The total outstanding principal amount of the notes is Ksh7 billion.
The notice stipulates that NCBA is exercising its option for early redemption of the outstanding notes issued under the medium term note program. The redemption will be at an amount to the nominal value of the Notes together with accrued but unpaid interest from the preceding interest payment date up to and including the early redemption date.
NCBA maintains that only that only holders registered with the Central Depositories and Settlement Corporation (CDSC) as at August 12 will receive the early redemption amount.