Nigeria: United Capital raises $250 million for Orion Oil

*United Capital Plc.

*United Capital Plc.

24 December 2015, Lagos —- United Capital Plc has successfully achieved financial close on the $250 million Tranche one crude prepayment facility for Orion Oil from a syndicate of three Pan African banks.

The second Tranche of $330 million will achieve financial close in the second quarter of 2016. In addition to United Capital’s role as structuring bank, it will also act as facility agent and security trustee to lenders on the facility.

United Capital syndicated the facility through three Pan African institutions: United Bank for Africa and its subsidiaries across Africa ($100 million), Africa Export Import Bank, Egypt ($100 million) and Banque Gabonaise et Française Internationale, Gabon ($50 million).

Despite the recent fall in oil prices, the $250 million crude prepayment facility is the largest reported transaction structured by an African investment bank in 2015 involving the raising of fresh capital within the African market.
*Kayode Ogunwale – Daily Trust

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