• FCMB Capital Markets Facilitates US$445m Accugas deal

    FCMB Capital Markets Limited , the investment banking subsidiary of FCMB Group Plc has again demonstrated its capital raising credentials by facilitating the successful financial close of a US$445 MILLION Senior Debt Facility for Accugas Limited.

    FCMB Capital Markets was Joint Structuring Bank, Joint Madated Lead Arranger and Technical Bank in the transaction. In its capacity as Joint Mandated Lead Arranger it played a critical role in ensuring that the transaction achieved financial close.

    Furthermore , FCMB Capital Markets in its capacity as Technical Bank, is one of the very few Nigerian investment banks to continue to demonstrate the ability to allocate the technical and operational risks associated with complex projects , having performed the same role on a number of transactions eg the US$225 million Accugas II transaction , which closed in 2013, for the construction of the company’s Central Processing Facility (CPF) and second gas pipeline project, from Uquo to Oro in AkwaIbom state, to supply gas to the Niger Delta Independent Power plant at Calabar, Cross River state.

    Accugas is the indirect, wholly-owned , subsidiary of Seven Energy International Limited, an independent Nigerian integrated oil and gas exploration , development , production and gas distribution company. Accugas Limited will use the funds to refinance its existing loan facilities and to meet additional funding needs of the business. This will enable Accugas achieve its overall objective of satisfying the growing gas demand from power plants and industrial users in Nigeria.

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