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The Lion King | 7
Milestone For The Quarter
UBA is Part Financier of Indorama Eleme
Fertilizer and Chemicals Limited’s $800
million Loan Syndication
O
ur bank recently partnered other interna-
tional financial institutions as part financier
in the $800 million loan financing syndica-
tion for Indorama Eleme Fertilizer & Chemicals
Limited (IEFCL) which is based in Port Harcourt,
Rivers State, Nigeria. The Loan is meant to support
the expansion of the country’s largest fertiliser
production facility by the Indorama Group.
At the Financial Close signing ceremony which
held in Dubai UAE on February 18, 2013, United
Bank for Africa (UBA) Plc was represented by Dupe
Olorunjo (DH, Corporate Banking I).
UBA Plc, being a long time business partner with
the Indorama Group would be participating in
the financing Syndication alongside International
Finance Corporation (IFC), Development Finance
Institutions (DFIs), as well as both International
and Local Commercial banks such as Standard
Chartered Bank, and Standard Bank Group.
The total project cost is $1.2bn, of which $800m will
be financed by participating banks. The project
entails the construction of a 1.4M MTPA Nitrogenous
Fertilizer Complex at the existing IEPL complex site
comprising of 2,300 MTPD ammonia plant; 4,000
MTPD urea plant; 4,000 MTPD urea granulation
plant; and other inside boundary infrastructure with
utilities.
L-R: Manish Mundra, CEO, Indorama Eleme; Amit Lohia, Managing Director, Indorama Corp; Munish Jindal, ED/CFO, Indorama Eleme; and Dupe Olorunjo,
DH, Corporate Banking Nigeria 1, UBA Plc at the signing ceremony in Dubai