First Bank of Nigeria Limited (‘First Bank”) or (‘the Bank”), the largest subsidiary of FBN Holdings Plc. (‘FBNHoldings”) intends to exercise its option to redeem the fixed rated subordinated note (‘the Note”) held by FBN Finance Company B.V.
Accordingly, FBN Finance Company B.V. will exercise its option to call the US$450million 8.00% subordinated notes, raised from the international debt markets, due in July 2021.
The Bank seeks to call and pre-pay holders of the Note at the next callable date of July 23, 2019. This liquidity management exercise demonstrates the strength of the Bank’s foreign currency liquidity and robust capital base, while further enhancing the efficiency of the balance sheet.