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LequteMan
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Nigerian oi firm, Oando has announced that it has secured a 94.6 billion naira ($475 mln) loan facility from a group of banks in Nigeria.
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
Oando added that it will sell assets worth $350 million this year.
These actions were taken under plans to restructure its finances and return to profitability, the company said.
Reuters
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
Oando added that it will sell assets worth $350 million this year.
These actions were taken under plans to restructure its finances and return to profitability, the company said.
Reuters
