ANOH Gas Processing Company Limited (AGPC), a gas processing company established by the Nigerian Gas Company (NGC) and Seplat Petroleum Development Company Plc (Seplat) on a 50-50 basis has successfully raised $260million in debt to fund the completion of the AGPC Gas Processing Plant. The financing was more than 50percent oversubscribed.
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AGPC raises $260m to complete ANOH project
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ENERGY
Seplat Petroleum Development Company Plc said that its Incorporated Joint Venture, IJV, ANOH Gas Processing Company, (AGPC), successfully raised $260 million in debt to fund completion of its ANOH Gas Processing Plant (ANOH).
Seplat is a leading Nigerian independent energy company listed on both the Nigerian Stock Exchange and the London Stock Exchange.
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is being built by AGPC, which is an IJV owned equally between Seplat and the Nigerian Gas Company (NGC), a wholly owned subsidiary of Nigerian National Petroleum Corporation (NNPC).
AGPC secures $260m financing for $650m gas processing facility
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By Emeka Anaeto
ANOH Gas Processing Company Limited (AGPC), a gas processing company established by the Nigerian Gas Company (NGC) and Seplat Petroleum Development Company Plc (Seplat) on a 50-50 basis has successfully raised $260million in debt to fund the completion of the AGPC Gas Processing Plant. The financing was more than 50percent oversubscribed.
The 300MMscfd capacity project is located on OML 53 in Imo State, Nigeria. AGPC’s shareholders – NGC and Seplat have each provided $210million in equity funding. The $260million financing allows for an additional $60million accordion at the time of completion to fund an equity rebalancing payment at that time, if appropriate.
Seplat and NGC have previously provided $420m equity funding for the project, a statement said.
The $260m funding was provided by a consortium of seven banks: Stanbic IBTC Bank Plc (advisor), United Bank for Africa Plc, Zenith Bank Plc, FirstRand Bank Ltd (London Branch) / RMB Nigeria Ltd, The Mauritius Commercial Bank Limited, Union Bank of Nigeria Plc and FCMB Capital Markets Ltd.
It allows for additional $60m accordion at the time of completion to fund an equity rebalancing payment at that time, if considered appropriate.
The AGPC construction cost is now expected to be no more than $650m, significantly lower than the original projected cost of US$700m.
Seplat Petroleum, a Nigerian independent energy company announced its Incorporated Joint Venture (IJV), the ANOH Gas Processing Company (AGPC), has successfully raised $260m in debt to fund completion of its ANOH Gas Processing Plant.
The 300MMscfd capacity ANOH plant, located on OML 53 in Imo State, is being built by AGPC, which is an IJV owned equally between Seplat and the Nigerian Gas Company (NGC), a wholly owned subsidiary of Nigerian National Petroleum Corporation (NNPC). Seplat and NGC have previously provided a combined $420m in equity funding and the project is now fully funded.
The $260m funding was provided by a consortium of seven banks: Stanbic IBTC Bank Plc (advisor), United Bank for Africa Plc, Zenith Bank Plc, FirstRand Bank Limited (London Branch) / RMB Nigeria Limited, The Mauritius Commercial Bank Limited, Union Bank of Nigeria Plc and FCMB Capital Markets Limited. It allows for an additional US$60m accordion at the time of completion to fund an equity rebalanci