A consortium of seven local and international lenders has signed an agreement to refinance Neconde Energy Limited’s existing Senior Secured Medium-Term Loan Facility Agreement worth $640 million, following a 20-year renewal of its Oil Mining Licence , effective June 2019.
The consortium of seven lenders is made up of four Nigerian banks and three international lenders. They include Access Bank, Fidelity Bank, Zenith Bank as well as First Bank Limited. The international lenders are the Africa Import Export Bank , Africa Finance Corporation , and Glencore Energy Limited.
With the refinancing, Neconde, according to a statement from the firm, is now positioned to achieve its field development plans for the Asset. He also disclosed that “this restructuring frees up capital for Neconde to invest in more development activities that will result in production increase.”