Banks in $1.5bln deal with NNPC
Consortium of Nigeria’s commercial and international banks are in deal to assist in a $1.5 billion pre-export finance (PXF) facility for the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum Development Company (NPDC).
The consortium is led by United Bank for Africa (UBA), a leading pan-African financial services group.
UBA is providing $200 million (N78 billion at I&E exchange rate of N390/$1) to support investment growth and liquidity requirements.
The bank said in a statement that the facility would provide the much-needed capital for investment in NNPC’s production capacity.
The other banks are Standard Chartered Bank, Afrexim Bank, Union Bank and two oil trading companies, Vitol and Matrix.
The $1.5 billion facility is structured in two tranches.
The first tranche of $1 billion, to be repaid over a period of five years, would be provided in dollars, with UBA acting as the facility agent bank.
The second tranche of $500 million would be provided in the local currency, over seven years, with UBA acting as the lead bank, providing $200 million in naira equivalent.
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UBA Leads $1.5bn Oil Sector Financing Deal – THISDAYLIVEThe United Bank for Africa Plc (UBA), a leading pan-African financial services group, has acted as the lead arranger of a consortium of Nigerian commercial and international banks in a $1.5 …www.thisdaylive.com |