Kepco Energy Resource Limited.
Restructuring of the KERL US$278 Million Senior Secured Acquisition Finance Facility.
FBN Merchant Bank Limited (“FBN MB”) was appointed as Mandated Lead Arranger by Sahara Group Limited (“Sahara” or the “Sponsor”) in July 2015 in relation to the restructuring of the Kepco Energy Resource Limited (“KERL” or the “Company” or the “Holding Company”) US$278 Million Medium Term Acquisition Finance Facility utilized to acquire 70% shareholding in Egbin Power Plc (“EGBIN” or the “Operating Company”). The restructuring is primarily driven by the current liquidity challenges in the sector and involvers the following key components (i) Realign its cashflows to recognise the current market conditions especially in relation to regulatory and invoice settlement delays (ii) Streamline the terms of the Original Facility and enhance the security structure; (iii) Build in mechanisms to manage reserve account funding obligations.
The Original Facility was provided by a syndicate of eight  banks all of whom executed the Amended and Restated Facility Agreement to enable the restructuring take effect from November 2016. KERL will remain the borrower of record till the NewCo is formed.