The American energy company had agreed to sell its Nigerian operations to Oando December last year, after 46 years of operation in the oil-rich West African country.
According to a Newswire, the Lagos-headquartered company, which already made an initial deposit of $400 million to ConocoPhillips, said the loan support would comprise a $465 million Reserve Based Lending Facility made by BNP Paribas, Standard Bank and Standard Chartered Bank; and another $350 million Senior Secured Loan, jointly arranged by First Bank Capital and First City Monument Capital.
Commenting on the offers, Chief Executive Officer of Oando, Pade Durotoye said they were significant steps towards the buyout adding that the company "will now proceed to the final stage of concluding the financing required for the purchase."
Considered as Nigeria's leading integrated energy solutions providers, Oando engages in every aspect of the energy value chain, from exploration, production to marketing, distribution and power generation.
It is also the first Nigerian company to achieve a dual listing on both the Nigerian Stock Exchange and South African bourse.
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