Oando Energy Resources gets commitment for $815 million loan facility

By Susanna Moon

Chicago, Oct. 10 - Oando Energy Resources Inc. said it received commitment letters for up to $815 million of bank credit facilities for its proposed acquisition of ConocoPhillips' Nigerian upstream oil and gas business.

The company plans an up to $465 million reserve-based lending facility, internationally placed and led by BNP Paribas Securities Corp., Standard Bank and Standard Chartered Bank, according to a company press release.

The facility also includes a $350 million senior secured loan, jointly arranged in Nigeria by FBN Capital and FCMB Capital Markets.

Oando, formerly Exile Resources Inc., is an oil and gas exploration company based in Calgary, Alta.

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