Oando Announces Successful $550m Participation in Project Gazelle

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

Nigeria’s leading indigenous energy group in a statement on Nigerian Exchange Limited (NGX) noted that the accordion arrangement saw a contribution of $550million by Oando Trading, a subsidiary of Oando.

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).

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.

The Group Chief Executive, Oando, Wale Tinubu,  in a statement 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.

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 realizing 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.”