FINANCE & ECONOMICS
Neconde Restructures $640 Million Loan, Targets 100,000bpd
Consortium of Banks Restructures $640 Million Loan Facility
In an apparent vote of confidence on the commercial and financial viability of Neconde Energy Limited, a consortium of 7 local and international lenders has signed an agreement to restructure the Company’s existing Senior Secured Medium-Term Loan Facility Agreement worth $640,000,000 (Six Hundred and Forty Million Dollars) with Neconde Energy Limited, an indigenous Oil and Gas Exploration and Production company.
“This restructuring frees up capital for Neconde to invest in more development activities that will result in production increase.“
The consortium of 7 lenders is made up of 4 Nigerian Banks and 3 international lenders. The banks include Access Bank, Fidelity Bank, Zenith Bank as well as First Bank (UK) Limited. The international lenders include the Africa Import Export bank (Afrexim), Africa Finance Corporation (AFC) and Glencore Energy (UK) Limited.
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