Last Updated January 18, 2008
Oando, Nigeria's largest energy group, has signed a US$100mn syndicated credit facility arranged via African Export & Import Bank (Afrexim) and Standard Chartered.
The loan has a three-year maturity and was syndicated to a combination of local and international banks. It was raised to help Oando restructure its local short-term local currency borrowings, given that international borrowing rates are more favourable. The financing also benefits from the growing rate of appreciation of the Nigerian naira against the US dollar.
It is also expected that the financing will support the company further improve its profile in Nigeria's downstream and upstream sectors of the oil and gas industry.
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