Banwo & Ighodalo’s lawyers have extensive transactional banking and finance experience and the practice is considered by many to be more solid in its knowledge than competing firms ” 2016 Legal 500 US Special EditionBanwo & Ighodalo is the legal firm of choice for banks and other parties that seek to structure complex financing deals. We routinely offer advice on compliance with banking and regulatory legislation and have been involved in the establishment of banks’ as well as representative offices for overseas banks in Nigeria.
Case Notes
Borrower’s Counsel in relation of US$1,278,010,000 (One Billion, Two Hundred and Seventy Eight Million, Ten Thousand United States Dollars) note issuance facility advanced by a syndicate of financial institutions. At the time, this facility was the largest syndication undertaken by a consortium of Nigerian banks.
Lender’s Counsel in connection with a US$50,000,000 (Fifty Million United States Dollars) term loan facility arranged by Diamond Bank Plc.
Borrower’s Counsel in relation to an export loan facility of €15,385,000 (Fifteen Million, Three Hundred and Eighty Five Thousand Euros) by Commerzbank Aktiengesellschaft with an export credit cover provided by Euler Hermes Kreditversicherungs-AG, Hamburg, Germany (an Export Credit Agency, acting for and on behalf of the Federal Republic of Germany).
- Borrower’s Nigerian Counsel in connection with a US$600,000,000 (Six Hundred Million United States Dollars) senior secured revolving reserve based lending facility advanced by Standard Bank and its syndicate of co-lenders.
- Borrower’s Nigerian Counsel in connection with two bridge facilities in a total sum of US$765,000,000 (Seven Hundred and Sixty Five Million United States Dollars) and a Guarantee Facility in the sum of US$765 000,000 (Seven Hundred and Sixty Five Million United States Dollars) obtained from J.P. Morgan Chase Bank and Standard Bank to part finance and guarantee Shoreline Natural Resources Limited’s acquisition of a combined 45% participating interest in OML 30 from the Shell Petroleum Development Company, Total E&P Nigeria Limited and Nigerian Agip Oil Company.
Borrower’s Counsel in connection with a US$160,000,000 (One Hundred and Sixty Million United States Dollars) term loan facility granted by Guaranty Trust Bank Plc. in connection with the acquisition of a combined 45% participating interest in OML 34 held by The Shell Petroleum Development Company, Total E&P Nigeria Limited and Nigerian Agip Oil Company Limited.
Naira-linked credit facility of up to US$100,000,000 (One Hundred Million United States Dollars) arranged by Merrill Lynch International.
Lenders’ Counsel to a consortium of lenders led by United Bank of Africa, in connection with a US$121,800,000 (One Hundred and Twenty One Million Eight Hundred Thousand United States Dollars) loan facility advanced for the acquisition of 60% of the issued shares of Abuja Electricity Distribution Company Limited by KANN Utility Company Limited, a special purpose vehicle of Copperbelt Energy Corporation Plc and Xerxes Global Investments.
Nigerian Lenders’ Counsel to a syndicate of Nigerian banks in connection with a US$270,000,00 (Two Hundred and Seventy Million United States Dollars) loan facility advanced to Integrated Energy Distribution and Marketing Limited, the preferred bidder for Ibadan Electricity Distribution Plc and the Yola Electricity Distribution Plc.
Transaction advisers in connection with a US$350,000,000 (Three Hundred and Fifty Million United States Dollars) Nigerian Content Support Fund, granted to provide financial support to qualifying Nigerian Oil Services Providers to enable them carry out their contractual obligations to NNPC and the IOCs.
Lenders’ Counsel to a syndicate of Nigerian Banks in connection with a US$350,000,000 (Three Hundred and Fifty Million United States Dollars) Corporate Finance Facility advanced to Oando Energy Resources Inc. to part-finance the Oando Group’s acquisition of ConocoPhillip’s Nigerian oil and gas assets.
Nigerian Lenders’ Counsel to a syndicate of Nigerian and international banks in connection with a Reserve Based Lending and Corporate Facility of up to US$1,700,000,000 (One Billion Seven Hundred Million United States Dollars), advanced to the Seplat Group.
Lenders’ Nigerian Counsel in connection with an up to US$20,000,000 (Twenty Million United States Dollars) term loan facility made available to Eko Hotels Limited.
- Borrower’s Counsel in connection with a US$105,000,000 (One Hundred and Five Million United States Dollars) credit facility advanced by a syndicate of commercial banks.
- Borrower’s Counsel in relation to a US$120,000,000 (One Hundred and Twenty Million United States Dollars credit facility advanced to partly finance the construction, operation and maintenance of approximately 6,905 kilometres of cable connectivity between Portugal, Nigeria and Ghana.
Lenders’ Counsel to a syndicate of Nigerian banks in connection with a US$650,000,000 (Six Hundred and Fifty Million United States Dollars) loan facility advanced to Emerging Markets Telecommunication Services Limited. The transaction was the largest syndication by Nigerian Banks at the time and won the Euromoney African Telecoms Deal of the Year 2011.
Lenders’ Counsel to Vitol S.A. in connection with the amendment and restatement of the existing loan facility provided to Oando Resources Limited.
Lenders’ Counsel to Vitol S.A. in connection with a US$40,000,000 (Forty Million United States Dollars) term loan facility advanced to Oando Resources Limited.
Nigerian counsel to a syndicate of lenders (including Barclays Bank Plc) in connection with the refinancing of a US$275,000,000 (Two Hundred and Seventy Five Million United States Dollars) revolving credit facility advanced to Unatrac Holding Limited.
Nigerian Lenders’ Counsel to Propaco in connection with a US$50,000,000 (Fifty Million United States Dollars) 5-year credit facility to Guaranty Trust Bank Plc for the purpose of on-lending to Nigerian small and medium scale enterprises.
- Nigerian Lenders’ Counsel in connection with an up to US$75,000,000 (Seventy Five Million United States Dollars) Invoice finance facility advanced to Airtel Networks Limited for the purpose of financing working capital requirements
- Nigerian Lenders’ Counsel in connection with an Invoice finance facility advanced to Airtel Networks Limited for the purpose of financing working capital requirements.
Nigerian Lenders’ Counsel in connection with a US$25,000,000 (Twenty Five Million United States Dollars) revolving loan facility advanced to Indorama Eleme Petrochemicals Limited.
- Nigerian Lenders’ Counsel to the ADB in relation to a US$150,000,000 (One Hundred and Fifty Million United States Dollars) line of credit facility advanced to United Bank for Africa Plc for the purpose of on-lending to various infrastructural projects as well as small and medium sized enterprises.
- Nigerian Lenders’ Counsel to the ADB in relation to a US$5,000,000 (Five Million United States Dollars) line of credit, advanced to Fortis Microfinance Bank Plc, to be utilized for medium term financing and on-lending to Small and Medium Sized Enterprises.
- Nigerian legal Counsel to the ADB in relation to a N2,364,000,000 (Two Billion, Three Hundred and Sixty Four Million Naira) loan advanced to Lapo Microfinance Bank Limited.
- Nigerian legal Counsel to the ADB in relation to a US$100,000,000 (One Hundred Million United States Dollars) loan advanced to Access Bank Plc.
Nigerian Lender’s Counsel to OPIC with respect to a US$15,000,000 (Fifteen Million United States Dollars) loan facility made available to Txtlight Power Solutions Limited to finance the manufacture and sale of solar electricity panels to rural communities and small businesses in Nigeria.
Nigerian Lenders’ Counsel to Natixis Bank in relation to an up to US$1,050,000,000 (One Billion, Fifty Million United States Dollars) financing framework facility made available to Total E&P Nigeria for funding its capex and working capital needs.
