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FBN UK signs fresh $120m loan facility to finance trade projects

By on July 12, 2011

FBN Bank (UK) Ltd, a subsidiary of First Bank of Nigeria Plc, has announced the signing of a new US$120,000,000 (about N19.2 billion), 364-day term loan facility to finance trade projects for FBN UK’s banking clients. The facility is expected to create growth opportunities for trade related businesses across Africa.

In addition to being well received and significantly oversubscribed, the facility underlines FBN UK’s strong standing in the bank market and its solid financial performance. Part of the oversubscription achieved in syndication was used to increase the size of the term loan facility from the original launch amount of US$75,000,000 to a closing amount of US$120,000,000.

Peter Hinson, FBN’s Managing Director, said: “The support received from our relationship banks in making this a very successful fund raising is pleasing to see and we will look to increase our work with those banks over the coming year. The opportunities for trade related business across Africa are immense and this facility will allow us to further assist our high quality customer base. In delivering this result, the Joint Bookrunners have pleasantly exceeded our expectations.”

The facility was arranged by Citi and Standard Bank – Joint Bookrunners on the deal. A further 12 banks joined the facility in syndication – Commerzbank as Mandated Lead Arranger; British Arab Commercial Bank, Deutsche Bank and HSBC as Lead Arrangers; and Access Bank UK Ltd, Atlantic Forfaitierungs, Banque de Commerce et de Placements, Banque Gabonaise et Francaise Internationale, EBI SA Groupe Ecobank, FirstRand Bank Limited, Ghana International Bank and Standard Chartered Bank as Arrangers.