Monday, July 09, 2018 8:20AM/ NSE
First Bank of Nigeria Limited (”FirstBank” or ”the Bank”), the largest subsidiary of FBN Holdings Plc. (”FBNHoldings") intends to exercise its option to redeem the fixed rate 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$300 Million 8.25% subordinated notes, raised from the international debt markets, due in August 2020.
The Bank seeks to call and pre-pay holders of the Note at the next callable date of August 7, 2018. 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.
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