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$1.06 billion project financing: Export credit agencies, International lending consortium, Nigeria LNG Ltd, Nigerian lending consortium, The African Development Bank - International Law Office - Deal Information

International Law Office

Deal Details

$1.06 billion project financing Export credit agencies, International lending consortium, Nigeria LNG Ltd, Nigerian lending consortium, The African Development Bank

Nigeria LNG Ltd (NLNG), a joint-venture company of Nigerian National Petroleum Corp, Shell Oil Company, TotalFinaElf SA and Agip, has raised $1,060 million in financing for the construction of the fourth and fifth trains of its Bonny Island liquified natural gas plant. The deal was arranged by 19 international banks, six Nigerian banks, the African Development Bank (AfDB) and four export credit agencies (ECA's). The international banks led by BNP Paribas, Citibank, Credit Lyonnais, MCC and West LB will provide an $800 million tranche. The Nigerian banks; Nigerian International Bank Ltd, First Bank of Nigeria, FSB International Bank, Guaranty Trust Bank, Union Bank of Nigeria and United Bank for Africa will provide $160 million. The final $100 million will be provided by AfDB on an eight-year tenor for the project. The transaction is the largest single loan to be generated in Nigeria and will be guaranteed by the ECA's; Export-Import Bank of the United States, Istituto per I Servizi Assicurativi del Commercio Estero, Gerling NCM and Export Credits Guarantee Department.

Value: $1.06 billion
Announced: December 18 2002

Parties involved Legal advisers
Export credit agencies
Guarantors
Aluko & Oyebode - Lagos
Gbenga Oyebode
Kofo Dosekun

Clifford Chance LLP - London
Tony Bankes-Jones
Anthony Giustini
International lending consortium
Debt provider
Aluko & Oyebode - Lagos
Gbenga Oyebode
Kofo Dosekun

White & Case LLP - London
Philip T Stopford
Jason W Kerr
Doug Peel
Ellis Baker
Nigeria LNG Ltd
(Oil & Gas)
Target
Allen & Overy LLP - London
Alan Rae Smith

Olaniwun Ajayi & Co - Lagos
Konyinsola Ajayi
Nigerian lending consortium
Debt provider
Perchstone & Graeys
Remi Okunlola
The African Development Bank
(Banks)
Debt provider
Aluko & Oyebode - Lagos
Gbenga Oyebode
Kofo Dosekun

Clifford Chance LLP - London
Tony Bankes-Jones
Anthony Giustini