Thisday Reports Oando Plc has obtained financial commitments from three foreign banks and two Nigerian investment banking firms for up to $815 million of to pay for the acquisition of ConocoPhillips’ (COP) Nigerian asset portfolio.
The purchase price for the assets is about $2 billion. Already the company has paid $435 million and with the availability of $815 million in credit, Oando has only $400 million to pay and conclude the transaction.
According to Thisday;
The banks are BNP Paribas, Standard Bank and Standard Chartered Bank while the investment banking firms are FBN Capital and FCMB Markets. Specifically, $465 million Reserve Based Lending (RBL) facilities are being arranged by BNP Paribas, Standard Bank and Standard Chartered Bank. On their part, FBN Capital and FCMB Markets are arranging a $350.0 million senior secured loan to complement the $465 million.
Oando Plc currently has a debt to equity of about 1.4x with over N234billion in external debts.