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Oando Energy Resources extends $450 million facility to Aug. 31
By Toni Weeks
San Luis Obispo, Calif., June 9 – Oando Energy Resources Inc. extended its $450 million senior secured facility to Aug. 31, 2014.
Standard Chartered Bank is the facility agent and security agent. BNP Paribas and Standard Bank of South Africa Ltd. are also lenders.
The 5½-year facility bears interest at Libor plus 850 basis points.
Proceeds are intended to fund a portion of the acquisition of ConocoPhillips Co.
The company also announced that on May 30 it increased its acquisition deposit with ConocoPhillips by C$25 million to C$550 million.
Oando, formerly Exile Resources Inc., is an oil and gas exploration company based in Calgary, Alta.
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