FBN Capital transactions win Oil & Gas, Telecoms Deals of the Year at Euromoney Project Finance Awards Source:World Stage FBN Capital Limited a subsidiary of FBN Holdings Plc has recorded yet another milestone as two of its transactions for the year 2013 were recognized at the just concluded Euromoney Project Finance Deals of the Year Awards. The awards, which took place on Thursday, February 20, 2014 during a ceremony in London, were the Africa Telecoms Deal of the Year: Etisalat Nigeria and the Africa Oil & Gas Midstream Deal of the Year: Accugas Limited. FBN Capital Limited acted as the Global Facility Coordinator and Financial Modeling Bank on the Accugas Limited US$ 225 million Project Finance Debt Facility. The firm also undertook the role of de-facto Financial Adviser to the Borrower, Accugas Limited (a wholly owned subsidiary of Seven Energy International Limited), while First Bank of Nigeria Ltd, UBA, FCMB and Stanbic IBTC, jointly acted as Mandated Lead Arrangers on the transaction to assist the company in structuring and raising US$ 225 million for its gas pipeline project. It was also the Joint Financial Adviser to Etisalat’s US$1.25bn Loan Facility to fund the addition of 924 BTS sites. FBN Capital and Citigroup Global Markets, together as Financial Advisers, were mandated by Etisalat to raise capital to refinance its existing $650mm senior debt facility, and finance needs for its network deployment plan across Nigeria. According to the Head of Debt Solutions in FBN Capital, Mr. Patrick Mgbenwelu, ‘The Accugas refinancing and expansion transaction sets a benchmark in terms of how subsequent gas pipeline transactions are financed and the strong support which Nigerian banks have for gas pipeline financings. The transaction is expected to have a substantial positive impact in helping to drive the Federal Government’s power sector reform agenda given its accelerated delivery of power plant gas pipeline infrastructure. On the Etisalat transaction, Patrick Mgbenwelu noted that the size of this financing and speed at which it was concluded was a demonstration of the strong capacity of Nigerian banks to support robustly packaged transactions and Etisalat’ s “blue chip” status played a major role in achieving this financial close in time. Commenting on the awards, Managing Director of FBN Capital, Mr. Kayode Akinkugbe, stated ‘‘We are very pleased with this achievement, as these awards show we remain committed to providing innovative ideas while demonstrating unrivalled market expertise and reliable business values”. Recently, FBN Capital was recognized as the Best Investment Bank in Nigeria for the third year running by Global Finance Magazine and was also recognized at the World Finance Banking Awards as the Best Investment Bank in Nigeria and the EMEA Finance African Banking Awards as the Best Local Investment Bank in 2013.
Posted on: Thu, 06 Mar 2014 12:33:11 +0000
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