Barrister Oluwatoyin Sanni, MD/CEO, United Capital Plc |
The $250 million deal, however, is the first
tranche of crude oil prepayment facility for Orion Oil from a syndicate of
three Pan African banks.
The financial institutions are the United
Bank for Africa and its subsidiaries across the continent ($100 million);
Africa Export Import Bank of Egypt ($100 million) and Banque Gabonaise et
Française Internationale of Gabon ($50 million).
The second tranche of the facility, put at
$330 million, would be concluded in the second quarter of 2016, with United
Capital, beside playing the role of structuring bank, also act as facility
agent and security trustee to the lenders.
The financing deal, beside being a record
transaction on the continent in 2015, also came on the heels of the persistent
fall in international prices of crude oil.
The Chief Executive Officer of United
Capital, Barrister Oluwatoyin Sanni,
said: “As a Group focused on providing strategic
investment banking and financing solutions to our clients across the continent,
our roles as Debt Advisor, Structuring Bank, Facility Agent and Security
Trustee is a true testament to our ability to provide multiple services within
our Group. We are very happy to support the Orion Group on this transaction and
look forward to continuing our relationship through other deals of this
magnitude on the continent.”
With the structuring bank status in the deal,
United Capital is responsible for the overall transaction coordination,
structuring and syndication for tranche one ($250 million) and tranche two
($330 million) of Orion’s prepayment facility, which will run for a period of
four years, with a repayment period of three years.
“The expert capabilities of our
Project Finance Team in structuring a transaction that attracted funding from
notable Pan-African banks was critical in achieving financial close” the Managing Director of United Capital’s
Investment Banking division, Mr. Wale
Shonibare, said.
Meanwhile, the Director of Project Finance at
United Capital, Kolapo Joseph,
will lead the team in preparation for the second tranche of the facility, which
will take place early next year. (Guardian)
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