Access Bank Plc, Thursday announced the early redemption of $40million subordinated unsecured notes on the Nigerian Stock Exchange.

Sunday Ekwochi, secretary of the company in a statement said that: “the bank it intends to exercise its option to redeem the USD400 million subordinated unsecured notes at a fixed rate of 9.25 per cent, due 2021.

“The USD400 million subordinated bonds, issued in June 2014 by Access Bank PIc, will be redeemed on June 24, 2019, with accrued interest,” he said.

Ekwochi said that following such redemption, the Bonds will be cancelled and there will be no Bonds outstanding.

“The Issuer intends to complete any formalities relating to the delisting of the Bonds from the regulated market of the Irish Stock Exchange as soon as possible,” the statement read.

Subordinated debt is a loan or security that ranks below other loans or securities with regard to claims on assets or earnings it is paid after all other corporate debts and loans are repaid.