First City Monument Bank Limited (FCMB) has signed a $150 million senior unsecured term loan facility with Commerzbank Aktiengesellschaft and Standard Chartered Bank, acting as Initial Mandated Lead Arrangers and Bookrunners. The transaction marks FCMB’s debut facility in the syndicated loan market.
The facility, which was pre-funded by Commerzbank AG and Standard Chartered Bank, was launched at $100,000,000 and subsequently increased following a highly successful general syndication phase.
Proceeds of the facility will be used towards oil and gas and general lending purposes. Standard Chartered Bank will act as facility agent.
FCMB is a full service banking group, headquartered in Lagos, Nigeria, with the vision ‘to be the premier financial services group of African origin.’
From its early origins in investment banking as City Securities Limited in 1977, FCMB, established in 1982, has emerged as one of the leading financial services institutions in Nigeria and one of the top eight lenders in the country with subsidiaries that are market leaders in their respective segments.
As of December 2012, FCMB had 2 million customers, over 270 branches in Nigeria and a presence in the United Kingdom (through its FCA-authorised investment banking subsidiary, FCMB UK) and a representative office in the Republic of South Africa.