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 Date | 10/12/2015 |
| Maturity | 10/12/2025 |
| Number of Bonds Issued | 4,000,000 |
| Annual Interest | 7.50% |
| Issue Price | $100 |
Source: MidClear
