Seven En­ergy gets N40bn of additional eq­uity cap­i­tal

Daily Trust - - NEWS - From Mo­hammed Shosanya, La­gos

Seven En­ergy In­ter­na­tional Limited, the indige­nous in­te­grated oil and gas de­vel­op­ment, pro­duc­tion and gas dis­tri­bu­tion com­pany with in­ter­ests in Nigeria, has an­nounced that it has se­cured $255m new eq­uity cap­i­tal.

The fund will en­able the group to fur­ther de­velop gas sup­ply op­por­tu­ni­ties in Nigeria’s do­mes­tic en­ergy mar­ket.

Ac­cord­ing to the break­down of the cap­i­tal, Te­masek, a Sin­ga­pore in­vest­ment com­pany, has com­mit­ted $150m, the In­ter­na­tional Fi­nance Cor­po­ra­tion (“IFC”), a mem­ber of the World Bank Group, has com­mit­ted $75m, and the IFC African, Latin Amer­i­can, and Caribbean Fund (“IFC ALAC Fund”) has com­mit­ted $30m. The in­vest­ments will be in two tranches, the tim­ing of which is sub­ject to the sat­is­fac­tion of cer­tain con­di­tions in the in­vest­ment agree­ments.

The com­pany said the in­sti­tu­tions are in­vest­ing in Seven En­ergy’s ir­re­deemable con­vert­ible loan notes which bear no coupon and are likened to eq­uity cap­i­tal.

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