CIC Insurance Group has announced the maturity of a KSh5 billion five-year Medium Term Note (MTN).
The note was issued on 8th October 2014 at a 13 percent interest rate per annum. The interest payments were made semi-annually.
CIC said that holders of all the
outstanding Notes (Noteholders) will be redeeming the notes in full upon their maturity
on 2nd October 2019.
On the maturity date, the notes will be redeemed at a par value of KSh100,000 each. Additionally, interest payable on the notes at maturity will be disbursed to the Noteholders.
The notes will cease trading at the NSE on September 27, 2019, with delisting from the corporate bonds’ list occurring upon redemption.
Medium-term notes are short-term investments with a maturity of 5-10 years. The Notes are redeemable at par together with accrued and unpaid interest.