Oando says contributed $550m for Project Gazelle

Oando Plc has notified the public that on May 17 it was party to the successful closure of a $925million accordion arranged and coordinated by African Export-Import Bank (Afreximbank) for Project Gazelle.

The accordion arrangement saw a contribution of $550million by Oando Trading, a subsidiary of Oando Plc. The balance $375million was raised by other parties to get a total disbursement amount of $925million.

Project Gazelle is a $3.3 billion structured crude oil-backed forward-sale finance facility sponsored by the Nigerian National Petroleum Company Limited (NNPC Limited).

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Afreximbank acted as Mandated Lead Arranger, Technical and Modelling Bank, Bookrunner, Facility Agent, Offshore Account Bank, Intercreditor Agent and Collateral Agent for the transaction which is expected to provide further support for Nigeria’s macroeconomic stability and long-term economic growth while enhancing the country’s industrialisation and trade development efforts.

This landmark $3.3billion Afreximbank-arranged financing is the largest syndicated loan ever raised by Nigeria in the international market and one of the largest syndicated debts raised in Africa in recent years.

Speaking on Oando’s participation, Wale Tinubu, Group Chief Executive, Oando Plc said “The successful completion of this facility signifies another win for the company and the country at large. The transaction further reinforces Oando’s ability to create value and the Company’s status as the indigenous partner of choice in Nigeria”.

He said, “As a proudly indigenous company our ambition has always been to use our platform to support the sustainable development of the nation. Against this backdrop, Project Gazelle will be instrumental in realising the Federal Government’s efforts to boost the country’s socioeconomic indices. Afreximbank as lead arranger continues to support African corporations – public and private growing confidence in the market and continent”.