Oando Energy Resources Inc. (Subsidiary of Oando Plc) Company focused on oil and gas exploration and production in Nigeria, today announced that, further to its press release dated January 31, 2014, it has extended the availability period of the US$450 million senior secured facility agreement (the “RBL”) for the acquisition of ConocoPhillips’ Nigerian Upstream Oil and Gas Business to May 31, 2014.
The RBL was arranged by a group of Nigerian and international banks, including Standard Chartered Bank (acting as Facility Agent and Security Agent), BNP Paribas and Standard Bank of South Africa Limited. The RBL is a 5.5 year facility which amortises quarterly with an annual interest rate of LIBOR plus 8.5%.
All terms and conditions under the initial executed binding documentation remain unchanged.
Source: OER
