Linklaters advises Seven Energy International Limited on $445m senior debt facility
Linklaters has advised Seven Energy International Limited as it entered into a senior debt facility totalling up to US$445m for Seven Energy’s indirect wholly-owned subsidiary, Accugas Limited. The facility, arranged by FBN Capital and FCMB Capital Markets, will be used to refinance Accugas’ existing project-finance and acquisition-finance senior debt facilities as well as to support additional medium-term capital requirements.
Accugas is a wholly owned subsidiary of Seven Energy, the independent Nigerian integrated oil and gas exploration, development and production company. Accugas is a gas processing, marketing and distribution company focused on commercialisation, for the domestic Nigerian markets, of the substantial discovered but undeveloped gas resources onshore in the Niger Delta.
The Linklaters team was led by partner Andrew Jones, Head of the Linklaters Africa Group, and managing associate Matthew Daffurn.
The Accugas financing represents another high profile transaction in Nigeria where the firm’s dedicated Nigeria desk has recently advised the lenders to the Aiteo consortium in relation to its $2.7bn acquisition of OML 29 and the related Nembe Creek Trunk Line, advised a number of banks on Seplat’s £1.2bn IPO (the first Nigerian oil and gas company to have its shares dual listed on both the London Stock Exchange and the Nigerian Stock Exchange) and successfully executed investments into Nigerian companies across a broad range of sectors including into Union Bank, Oando, Seven Energy, GZ Industries and Mansard Insurance.