Ejiofor Alike Shoreline Natural Resources Limited, a special purpose private Nigerian company formed between a subsidiary of Heritage Oil Plc, listed in the United Kingdom, and a local Nigerian partner, Shoreline Power Company Limited, has successfully completed the refinancing of its existing bridge loan facility for Nigerian Oil Mining Lease (OML) 30.
Heritage Oil, an independent upstream exploration and production company, said in a statement yesterday, that the new facility was a five-year $500 million Senior Secured Revolving Reserves Based Lending Facility (RBL), which could be increased up to $600 million. The company further disclosed that Standard Bank Plc was the co-ordinating mandated lead arranger and book runner for the RBL facility.
According to the company, the RBL facility, which is secured at the Nigeria level, replaces the bridge loan executed as part of the acquisition of a 45 per cent interest in the OML 30 and provides long-term financing to Shoreline to further develop the oilfield.
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