FBN Capital wins ‘Africa deal of the year’ at IJGlobal awards

FBN Capital Limited has been awarded the ‘Africa Oil and Gas Deal of the Year Award’ for the Oando Energy Resources $350m Conoco Phillips assets acquisition deal. The award was conferred at the prestigious IJGlobal Europe & Africa Awards 2014, organised 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 modelling bank for the corporate facility to the 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$1.6bn was financed via a combination of debt and equity, with the debt portion of the acquisition facility comprising a US$450m RBL Facility provided by both Nigerian and offshore banks; and a US$350m Corporate Facility provided by Nigerian banks.

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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 agents; First Bank of Nigeria as hedge provider; and FCMB Capital Markets also as joint mandated lead arranger.

Speaking on the award, Kayode Akinkugbe, the managing director of FBN Capital, 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 honoured to be recognised for the effort that the client, every member of the team, as well as every party to the transaction, put into making this deal reality”.