United Capital Plc has successfully achieved financial close on the US$250 million Tranche One crude prepayment facility for Orion Oil from a syndicate of three Pan African banks. The second Tranche of US$330 million will achieve financial close in the second Quarter of 2016. In addition to United Capital’s role as Structuring Bank, it will also act as Facility Agent and Security Trustee to lenders on the facility.
As the Structuring Bank, United Capital is responsible for the overall transaction coordination, structuring and syndication for Tranche One (US$250mn) and Tranche Two (US$330mn) of Orion’s prepayment facility to SNPC. The facility will run for a period of four years with a repayment period of three years.
Watch Kolapo Joseph, Director Project Finance, talk on CNBC Africa about the Orion deal.
