FirstBank of Nigeria Limited, a subsidiary of FBN Holdings Plc (FirstHoldCo), has successfully redeemed its $350m subordinated Eurobond due October 2025, reaffirming its liquidity and financial stability.
The Eurobond, issued in 2020 at a coupon rate of 8.625 per cent, reached maturity on October 23, 2025, and was fully repaid from the bank’s balance sheet without refinancing. The redemption underscores FirstBank’s robust capital position and prudent risk management approach.
According to a statement from the bank filed with the Nigerian Exchange Limited on Wednesday, the successful redemption demonstrates its commitment to maintaining investors’ confidence and upholding its reputation in the international debt market.
Since 2007, FirstBank has issued and fully redeemed four Eurobonds, amounting to a total of $1.275bn. The bank noted that the full repayment of these obligations highlights its consistent performance and ability to meet international debt commitments.
Fitch Ratings and Standard & Poor’s recently affirmed FBN Holdings and FirstBank’s credit ratings, reflecting a stable outlook on the group’s operations.
The Chief Executive Officer of FirstBank, Olusegun Alebiosu, said the successful redemption “reinforces our strong financial fundamentals and the confidence our stakeholders have in the FirstBank brand.” He added that the bank would continue to explore sustainable funding options to support growth across key sectors of the Nigerian economy
