Indorama lands $340M refinancing led by RMB to fund fertiliser expansion
What's the deal? Indorama Fertiliser and Chemicals FZE Limited has secured US$220M medium-term refinancing facility led by Rand Merchant BankDealroom has a profile for this one. Try Dealroom → (RMB), the FirstRandDealroom has a profile for this one. Try Dealroom → Group division. RMB acted as coordinator and lead arranger, with the transaction fully underwritten by a consortium of development finance institutions and international commercial banks.
What's the money for? The facility replaces existing debt with a more competitive structure and backs the brownfield expansion of Indorama's fertiliser business in Nigeria. The company says it reduces its cost of funding and improves its long-term financing profile.
Why now? Indorama commissioned its Line 3 facility in June 2026, making it the world's largest single-site urea producer. In 2025, it recorded its highest-ever urea output of 2.7 million metric tonnes, a 103% capacity utilisation rate.
What's the endgame? Indorama supplies about 75% of Nigeria's domestic fertiliser market and remains the country's largest non-oil exporter, accounting for more than 18% of non-oil exports in 2024, according to the Central Bank of NigeriaDealroom has a profile for this one. Try Dealroom →.
What they said: The deal "supports the strong non-oil export growth that Indorama FZE continues to drive as a market-leading player," said Chidi Iwuchukwu, executive director and head of investment banking at RMB Nigeria.
The signal: This is a balance-sheet transaction, not a venture round — but RMB's ability to fully underwrite $340 million with DFIs and international lenders signals continuing foreign appetite for Nigerian export-oriented credit, despite currency and sovereign risk. It also reflects a wider push to diversify Nigeria's earnings away from crude oil toward fertiliser and agro-processing.
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Image credit: David Barrie
