RMB Arranges $340m Refinancing for Indorama Fertilizer to Strengthen Operations

Nume Ekeghe

Rand Merchant Bank (RMB), a division of FirstRand Group, has said that it acted as Coordinator and Lead Arranger for a $340 million medium-term refinancing facility for Indorama Fertilizer and Chemicals FZE Limited, reinforcing its long-standing partnership with the company.

The facility, which was fully underwritten by development finance institutions and international commercial banks, provides a more competitive funding structure to support the continued development of Indorama’s fertilizer operations in Nigeria.

Commenting on the transaction, Executive Director and Head Investment Banking RMB Nigeria, Chidi Iwuchukwu,  stated:  ‘This financing is a show of RMB’s commitment towards providing strategic advisory while also deploying its cross-border balance sheet towards supporting private sector investment across the heavy industry manufacturing segment of the domestic economy.  This financing is in support of the strong non-oil export growth in Nigeria where Indorama FZE continues to play as a market leading player.’’ Indorama FZE, according to statistics from the Central Bank of Nigeria, is the largest non-oil exporter in Nigeria with over 18 per cent market of non-oil exports in 2024. The firm continues to support domestic food production and security by providing up to 75 per cent market share in the Nigerian market.”

The subject financing, he said, involved multiple institutions and processes towards putting in place a more cost competitive funding solution which aligns with the clients’ long term funding objectives.

Senior Dealmaker and Head Infrastructure Finance Nigeria, Enyinna Anumudu added: “RMB is proud to have acted as Lead Arranger and Coordinator for the refinancing at Indorama FZE. By making this financing available for domestic manufacturing and heavy industry investments in Nigeria, we have entrenched the long-term competitiveness of Nigerian private sector in meeting the domestic and export demand for fertilizer while supporting food sufficiency in the country.”