First Bank Opts To Repays $450 Mln Eurobond Ahead Of Maturity

First Bank, Nigeria's oldest lender on Tuesday said it has decided to exercise the option of repaying a $450 million Eurobond ahead of its due date.

In a regulatory filing on Tuesday, the bank said it "will exercise its option to call the $450 million 8 percent 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," the commercial lender, which is the largest subsidiary of FBN Holdings Plc listed on the Nigerian Stock Exchange (NSE) said.
The filing signed by Seye Kosoko, company secretary of FBN Holdings said the liquidity management exercise demonstrates the strength of the bank's foreign currency liquidity and robust capital base.
It said the option will also further enhance the efficiency of the balance sheet of the commercial lender.
Last July, the bank also repaid a $300 million Eurobond debt, two years before it matures in 2020.