AFC, Others Arrange $425m Facility for Oil Firm – Thisday

The Africa Finance Corporation (AFC) has said it is acting as lead arranger for about $425 million senior mezzanine facility for New Age (African Global Energy) Limited, a privately held oil and gas exploration, development, and production company with assets primarily across Africa.

The facility is to enable the company further develop its existing assets and expand operations.  AFC is investing $75 million in the deal.

According to a statement, the AFC and the lender consortium are disbursing an initial $350 million of the facility immediately, with an accordion feature to allow for an additional $75 million of capital to follow.

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