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OER executes extension of availability period of its senior secured loan agreement


Published Apr 15, 2014
Oando Energy Resources Inc.

Oando Energy Resources Inc. 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%.

Tags: Oando Energy Resources Inc.




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