Seven Energy gets N40bn of additional equity capital

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.