IBL Bank Issued $40M Worth of Subordinated Bonds

Following the approval of the board of directors and the Capital Markets Authority (CMA), IBL Bank decided to issue $40M subordinated bonds maturing in 2025, on the 10th of December 2015. These bonds are non-convertible, non-callable and freely transferable, with an issue price of $100.  The minimum subscription amount is $100,000, and additional subscriptions over the minimum should be integral multiples of $10,000. At maturity, these bonds will be repaid at their principal amount with accrued and unpaid interest. The interest on these bonds is 7.5%/year, payable annually.

Characteristics of IBL Subordinated Bonds

Issue Date10/12/2015
Number of Bonds Issued4,000,000
Annual Interest7.50%
Issue Price$100

Source: MidClear

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