Oando lifts credit facility to C$306 million, pays down Afrexim loan

By Marisa Wong

Morgantown, W.Va., Nov. 3 – Oando Energy Resources Inc. announced a C$91 million upsizing of its senior secured facility to C$306 million from C$215 million.

The upsizing was arranged by Standard Chartered Bank and African Export-Import Bank as mandated lead arrangers with participation from Standard Bank of South Africa Ltd., Stanbic IBTC Bank plc and Natixis, according to a press release.

Proceeds from the facility increase, along with cash on hand, were used to repay the company’s C$100 million Afrexim subordinated loan facility.

The Afrexim facility was used to finance the company’s C$1.5 billion acquisition of the ConocoPhillips Nigerian oil and gas business in July 2014.

Following completion of these transactions, Oando has total debt outstanding of C$546 million, comprised of C$306 million outstanding under its upsized facility and C$240 million outstanding under its corporate facility.

The oil and gas exploration and production company is based in Calgary, Alta. Its assets are predominately in Nigeria.

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