Accugas $445 million financing

Overview:

• Accugas, an indigenous Nigerian gas marketing, processing and distribution company, has taken out $445 million in new financing.
• The fund will be used to refinance a$225 million facility for the development of its gas processing facility, and a $170 million facility for the acquisition of 100% shares in East Horizon Gas Company made by Accugas' parent company, Seven Energy International, a Nigerian oil company.
• The loan documentation included an accordion feature with development finance institutions (DFI) clauses.
• The security package was designed to optimise perfection costs the borrower paid under previous financing.
• FBN Capital, a subsidiary of First Ban of Nigeria, was the mandated lead arranger.

Wai Yee Tsang - Journalist