11th Mar 2019 12:47
LONDON (Alliance News) - Africa-focused oil & gas company Lekoil Ltd said on Monday the completion of redenomination of its debt facilities from Nigerian naira into dollars have been completed.
The facilities to be redenominated includes a NGN2.25 billion facility with FBNQuest Merchant Bank and an NGN827 million facility from Sterling Bank PLC.
Lekoil now has access to a facility of USD8.6 million with FBNQuest, with the Sterling Bank facility rolled into this.
The new facility is priced at LIBOR plus 10%, with an extended term to June 30, 2021.
Shares in Lekoil were untraded on Monday, last quoted at USD10.00 on Monday.
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