FBNCapital Wins Africa Deal of the Year
FBN Capital Limited has been awarded the ‘Africa Oil and Gas Deal of the Year Award’ for the Oando Energy Resources US$350 million Conoco Phillips assets acquisition deal. The award was conferred at the prestigious IJGlobal Europe & Africa Awards 2014, organized by the Infrastructure Journal & Project Finance Magazine on the 19th of February at the Natural History Museum in London.
FBN Capital Limited (a subsidiary of FBN Holdings Plc) acted as Joint Mandated Lead Arranger and financial modeling bank for the Corporate Facility to part-fund purchase of Conoco Phillips’ participating interest in OMLs 60, 61, 62, 63, 131 and 145 by Oando Energy Resources. The total consideration for the acquisition of approximately US$1.6 billion was financed via a combination of debt and equity, with the debt portion of the acquisition facility comprising 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 funds were provided by First Bank of Nigeria, Diamond Bank, FCMB, Ecobank, Zenith Bank, UBA, Vitol and Enterprise Bank. Other financial parties to the transaction include FBN Trustees as Security Agent; First Bank of Nigeria as Hedge Provider; and FCMB Capital Markets also as Joint Mandated Lead Arranger.
Speaking on the award, the Managing Director of FBN Capital Mr. Kayode Akinkugbe said, “We are very pleased to have won this award, and remain inspired by the trust our clients place in us to help them achieve success. We will continue to strive to raise the bar on industry standards with regards to deal-making and structuring.”
Patrick Mgbenwelu, the Director and Head of Debt Solutions at FBN Capital also expressed his pleasure on winning the award; “We feel honored to be recognized for the effort that the client, every member of the team, as well as every party to the transaction put into making this deal a reality”.
The IJGlobal Europe & Africa Awards event is the most prestigious night of the year in the infrastructure calendar as it is a celebration of best-in-class deals in energy and infrastructure over the previous year, uniting over 600 of the industries finest.