FBN launches first syndicated loan since 2007

03 Jun 2011

First Bank of Nigeria’s London subsidiary has mandated Citi and Standard Bank to arrange a $75m one year term loan, its first since October 2007.

It was launched into syndication on Wednesday and the margin was described by a banker as "generous for a 12 month deal". The transaction is backed by a comfort letter from the borrower’s parent First Bank of Nigeria.

"It’s an interesting deal," said a banker close to the borrower. ...

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