Afreximbank: We provided $650m loan for Oando’s acquisition of NAOC

The African Export-Import Bank says it arranged a senior $500 million and a junior $150 million reserve-based lending facility for Oando Petroleum and Natural Gas Company Limited.

the value of oil and gas reserves determine the quantity of a lending facility accessible to the borrower. Afreximbank said the JV still has reserves of 1.2 billion barrels of oil and 10.7 trillion cubic feet of natural gas.“Afreximbank, retained as mandated lead arranger for the transaction, also served as bookrunner, coordinator, underwriter, escrow agent, facility agent and security trustee, and also participated and underwrote US$350 million of the facility,” the statement reads.

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