First Bank Calls $450m 8% Notes Ahead Of Due Date

As previously announced, the board of FBN Holdings Plc, on Tuesday, July 23, 2019, said First Bank of Nigeria Limited, its largest subsidiary, has recalled the $450m 8.0% notes two years ahead of the July 2021 due date.
A notice by Seye Kosoko, its company secretary, recalled that the notes were issued to investors in 2014 through FBN Finance Company B.V.
The action was in line with the fact that the facility, at the onset, had a call option after five years.
“The redemption of these notes was endorsed by the Central Bank of Nigeria and done at par from the bank’s internal financial liquidity, without refinancing,” the statement assured, is a testament of the strength and exceptional funding capability of the bank.