Deal Description
Conoco Phillips embarked on a process of selling their participating interest in OMLs 60, 61, 62, 63, 131 and 145 (the “Target Assets”) located in a prolific oil and gas producing zone in the Niger Delta. Following a competitive bidding process, Oando Energy Resources Inc. (“OER”) and its affiliates emerged the preferred bidder for the Target Assets which have a net production level of ~ 45,000 boe/d and are located in a prolific oil and gas producing zone of the Niger Delta.
The total consideration for the acquisition of up to USD 1.6 billion was financed via a combination of debt and equity. The debt portion of the acquisition facility comprised of a US$450 Million RBL Facility provided by both Nigerian and offshore banks and a US$350 Million Corporate Facility provided by Nigerian banks.
The Corporate Facility, the Lenders leveraged on the following assets; OMLs 90, 13, 56 and 125/134. Oando Energy Resources appointed FBN Capital as Joint Mandated Lead Arranger and financial modelling bank for the Corporate Facility to part fund the purchase of the Target Assets.
