RDS — the ‘old’ African Bank —settles R7.1bn senior debt payment

Residual Debt Services — the old African Bank that was placed under curatorship in 2014 — has fully repaid senior unsecured creditors.

The company said on Tuesday that senior unsecured stub instrument holders were paid about R2.486bn on Monday, taking their full nominal payment to R7.1bn including interest equal to the Johannesburg Interbank Average Rate plus 300 basis points. The R7.1bn settlement consists of the nominal amount of R3.6bn plus interest of about R3.5bn meaning creditors have almost doubled their investment over six years...

Source: News Formal (newsformal.com)

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