FCMB Capital, FBN Capital, others secure $445m facility for Accugas

July 16, 2015 | Filed under: Economy,Investor | Author: Zebulon Agomuo








FCMB Capital Markets Limited, FBN Capital Limited along with some other financial institutions in Lagos, Wednesday, facilitated in the closing of $445 million syndicated medium-term facility for Accugas Limited.

Accugas, a wholly owned subsidiary of Seven Energy International Limited, is the gas processing, marketing and distribution arm of the Seven Energy Group.

The facility is to enable Accugas refinance its existing loan facilities and to meet additional funding needs. This will also help it achieve its overall objective of satisfying the growing gas demand from power plants and industrial users in Nigeria.

The other banks that provided the facility are Ecobank Nigeria, Union Bank, and United Bank for Africa.

Speaking with BusinessDay on the sidelines of the event, Tolu Osinibi, executive director, FCMB Capital Markets, said the investment bank was satisfied by the consummation of the deal, promising that despite the economic downturn that had affected its capacity to render huge lending assistance to clients, it would continue to do its best within the ambit of its capability.

“It is all about supporting a client that is actively making significant contributions to Nigeria’s energy space. The investment they are making in gas infrastructure is critical to the country’s energy development. And it has been said more often than not that one of the major problems we face in this regard is lack of gas infrastructure. That is what Accugas is doing. So, for us at FCMB Group, this is very exciting opportunity for us to support a company that has actually focused on Nigeria’s infrastructure development to boost energy,” Osinibi said.

Also, Kayode Akinkugbe, managing director, FBN Capital, said: “FBN Capital is very proud of the instrumental role it played in assisting Accugas to structure and arrange this financing for the Borrower. “The successful signing of this financing shows that lenders see the Accugas business as a catalyst for economic development in Nigeria.”

Commenting on the transaction, Bruce Burrows, chief financial officer, Seven Energy, said “we commend the professional and efficient work by the FBN Capital team, along with all other parties involved in this transaction. We are pleased to have partners who support our vision to bring gas to Nigeria’s domestic market for power generation and industrial consumption.”

Phillip Iheanacho, group chief executive officer, Seven Energy, described the transaction as a milestone.

“For us, it demonstrates the confidence that banks have in financing projects in the gas sector. To be able to develop domestic gas infrastructure and solve the problem in the power sector in particular, we need to be able to mobilise capital for project of this nature,” Iheanacho said.

Zebulon Agomuo

[quote author=rasheed329 post=35989542]Guys you could as well invest with a site I use Dat pays in
2% of daily investment . It's non-hyip program.

We the NSEMPA family do not patronize advertisers of ........., so u miss road.

Finally, CBN automates BDCs FX transactions to instill transparency...



http://businessdayonline.com/2015/07/finally-cbn-automates-bdcs-fx-transactions-to-instill-transparency/#.Vap4FvlViko

jamace:

soloniger:

Fibonacci ... Pascal's sequence... Great thinkers... Little wonder Fibonacci is iconic in Technical Analysis. (definitely not TT analysis )

#HappySunday

Moneysage:

This teeth is on another level.

Thanks to moneysage, mercylicious & myjoy08 who still try to keep the house lively over the long weekend.

ogoo4real:
Thanks to moneysage, mercylicious & myjoy08 who still try to keep the house lively over the long weekend.

Alone in the house with sir passwell. Abeg wake me when dollar hit 260

What should we expect on Tuesday when the exchange opens for business, sweeping bears or raging bulls?

the bears have it!

Imokay:
What should we expect on Tuesday when the exchange opens for business, sweeping bears or raging bulls?

Bear hug.

myjoy08:


FBNH 7.64

Transcorp 2.14

FCMB 2.92

Oando 12.47

Wow kasala awooof

[Dollar in demand, gold dives to five-year low].http://mobile.reuters.com/article/idUSKCN0PU00H20150720?irpc=932

SYDNEY (Reuters) - The U.S dollar held broad gains in Asia on Monday as investors looked ahead to higher interest rates from the Federal Reserve, while gold slumped to five-year lows as a lack of global inflation left little to hedge against.

For those in First bank bus

http://www.pmnewsnigeria.com/2015/07/20/first-bank-plc-faces-money-laundering-charge/

First Bank Plc faces money laundering charge

Born2berich:
For those in First bank bus

http://www.pmnewsnigeria.com/2015/07/20/first-bank-plc-faces-money-laundering-charge/

First Bank Plc faces money laundering charge

this na small money , maybe this will make it go down to 5

lancee:



this na small money , maybe this will make it go down to 5

If it comes down to 5Naira,I will liquidate all my fixed income and buy because for sure we all know is coming up to 10 at least and that won't be a bad investment...........But I don't think this is going to happen before it will start moving up....................

Born2berich:
For those in First bank bus

http://www.pmnewsnigeria.com/2015/07/20/first-bank-plc-faces-money-laundering-charge/

First Bank Plc faces money laundering charge

Na weti I wan post



One chance.

FBNH is headed for N2. I REPEAT. N2.00

Keep dreaming.....................

FBNH H1 result will nullify the effect of that news before it touches N5.

angelo82:


If it comes down to 5Naira,I will liquidate all my fixed income and buy because for sure we all know is coming up to 10 at least and that won't be a bad investment...........But I don't think this is going to happen before it will start moving up....................

Sir angelo82, u re really getting ready big time should fbnh get to 5 , lets see what will happen the next few weeks

lancee:


Sir angelo82, u re really getting ready big time should fbnh get to 5 , lets see what will happen the next few weeks

But I doubt it..................Seems positive news will be coming to Nigeria soon................

Chai! See punches full everywhere... NSEMPA I hail thee.

NextProdigy:

Haba, dis your laff too much naa. Which one we go do now?

lancee:



this na small money , maybe this will make it go down to 5

Dream on Sir...

Laugh is FREE

angelo82:



But I doubt it..................Seems positive news will be coming to Nigeria soon................

I hope so , make we cash out some money ..been a while

myjoy08:


Dream on Sir...

Still dreaming