Firm News
| Templars advises First Hydrocarbon Nigeria on Financing of the acquisition and development of 45% interest in OML 26 |
| Posted on: 05/12/2011 |
Templars has advised First Hydrocarbon Nigeria Limited (“FHN”) in connection with US$50 million of mezzanine financing provided to FHN by the Pan-African Investment Partners II (“PAIP II”) Fund, a private equity fund managed by Kingdom Zephyr Africa Management (“Kingdom Zephyr”).
The Kingdom Zephyr financing was structured in the form of US$50 million convertible senior unsecured unsubordinated notes due 2017 issued to Nigeria Resource Holding Limited, a special purpose vehicle of PAIP II. This was part of a mix of debt financing facilities totaling up to US$280 million to be obtained by FHN to fund (1) its acquisition of a 45% interest in Oil Mining Lease (OML) 26 onshore Nigeria from Shell, Total and Agip as well as (2) its share of future capital requirements for the initial development of the oilfields comprised in the OML area.
The Templars team was led by finance partner Chike Obianwu assisted by senior associate Chukwuka Eze and associates Debisi Omole and Chioma Oparadike.