First City Monument Bank (FCMB) Limited has signed a a $150 million Senior Unsecured Term Loan Facility in which Commerzbank Aktiengesellschaft and Standard Chartered Bank, acted as Initial Mandated Lead Arrangers and Book-runners.
The agreement which was signed recently represents First City Monument Bank’s largest fundraising to date in the commercial bank syndicated loan market.
The Facility, which was pre-funded by Commerzbank Aktiengesellschaft and Standard Chartered Bank, was launched at $100 million and subsequently increased following a highly successful general syndication phase.
Proceeds of the Facility, according to a statement from the bank, will be used for general lending purposes.
Speaking at the signing ceremony, the Deputy Managing Director of First City Monument Bank, Segun Odusanya, said, ‘’the successful conclusion, over-subscription and the number of international financial institutions that participated in the loan syndication indicates the level of confidence which the international banking community have in First City Monument Bank Limited and the Nigerian market as a whole”.
“The proceeds of the fund raising will be used to support medium term lending to key sectors of the economy such as Power, Oil & Gas Upstream , Manufacturing and Agri-business in line with the Bank’s commitment to supporting the critical areas to the success of the Nigerian economy”, Odusanya revealed.
FCMB is a full service banking group, headquartered in Lagos, Nigeria. As at December 2013, FCMB had two million customers, N 1 trillion in assets, over 270 branches in Nigeria and a licensed banking subsidiary in the United Kingdom (FCMB UK) and a representative office in the Republic of South Africa.