FNBB pays back P180m debts early :: Mmegi Online

First National Bank of Botswana is paying back about P180 million it borrowed from the capital markets five years before its due as the bank tries to retire old debt taken when interest rates were higher.

In a statement, the country’s largest bank by assets gave notice to exercise its option for the early redemption of two bonds totalling P179.5 million that were supposed to mature in 2021. “First National Bank of Botswana Limited gives notice to exercise its option for the early redemption of the FNBB 002 and FNBB 003 subordinated unsecured notes, having an aggregate nominal amount of P154.48 million and P25 million respectively maturing on December 1, 2021. The early redemption will occur on December 1, 2016, as per the provisions contained in the programme memorandum issued in respect of the Notes, dated December 1, 2011,” said the bank.

FNBB says the Bank of Botswana consented to the early redemption of the Notes on September 26, 2016 and the Botswana Stock Exchange was notified of the early redemption of the Notes on October 21, 2016.

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