African Bank Plans to Repay Debt Investors as Bond Matures

African Bank Investments Ltd. said it will repay investors when a 150 million-rand ($14.3 million) bond matures tomorrow, after record losses fanned speculation South Africa’s largest unsecured lender may need to raise funds.

African Bank issued the one-year floating-rate note at the three-month Johannesburg Interbank Agreed Rate plus 90 basis points last July. Moody’s Investors Service cut the lender’s foreign rating to Ba1 in May, one step below investment grade, after it reported a record first-half loss.