Philip Ihenacho is the chief executive officer of Seven Energy International. The company recently signed a financing agreement with Nigerian banks to finance its pipeline project in the country. In this interview with ROSELINE OKERE, he expressed the company’s commitment to boost power generation in the country. Excerpts.
ACCUGAS, a subsidiary of Seven Energy International recently signed agreement with some banks to finance power projects in the country. Give us details of the deal?
Seven Energy International Limited entered into a $225 million senior debt facility with a syndicate of Nigerian banks. The facility, which replaces an existing $60 million project finance facility will be used to fund the expansion of Accugas’ gas processing and distribution infrastructure in the southeast Niger Delta region. The syndicate of participating banks comprises First Bank of Nigeria Plc, First City Monument Plc, Stanbic IBTC Bank Plc and United Bank for Africa Plc, with FBN Capital Limited acting as structuring bank.
FBN Capital Limited acted as the Global Coordinator Bank, Financial Modeling Bank and also undertook the role of de-facto Financial Adviser to the Borrower; while UBA, First Bank of Nigeria Plc, Stanbic IBTC and FCMB, jointly acted as Mandated Lead Arrangers on the transaction.
The successful signing of the Accugas financing clearly shows the confidence the financial institutions have in Accugas and Seven Energy, as well as the prospects for the Nigerian gas market.
How would this project assist in power generation in the country?...
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