Nigerian energy group Oando said on June 6 it has secured a 94.6 billion naira (US$475 million) loan facility from a group of domestic banks, and will sell assets worth US$350 million this year under plans to restructure its finances and return to profitability.
The financing led by Access Bank includes Diamond Bank, Ecobank, FCMB, Fidelity Bank, Stanbic IBTC Bank, UBA , Union Bank and Zenith Bank.
The facility is a five-year term loan, paying Nigerian interbank rate plus 200 basis point. (US$1= 199.00 naira)
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