Vitol

Vitol OCTP Ghana -Vitol Upstream Ghana Limited

Borrower (s)
Vitol
Industry
Oil & gas/Oil - Upstream (Exploration and production)
Area of finance
Export & Agency Finance
Region
Africa
Countries
Ghana

Deal Overview

Vitol has raised a rare, and possibly its first, borrowing in the ECA-backed project debt market - a $1.35 billion 10- and 12-year multi-sourced facility to finance its share in the $7.9 billion Offshore Cape Three Points (OCTP) oil and gas project.The deal is claimed to be the first upstream oil...

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Vitol has raised a rare, and possibly its first, borrowing in the ECA-backed project debt market - a $1.35 billion 10- and 12-year multi-sourced facility to finance its share in the $7.9 billion Offshore Cape Three Points (OCTP) oil and gas project.

The deal is claimed to be the first upstream oil and gas development loan to feature a European export credit agency supporting a hybrid project finance/reserves-based lending. More significantly, it includes UKEF’s first direct loan for an African project.

The reserves-based facility pricing start in the low 300bp region and rising in steps to the low 500bp area.

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Deal Volume
$1.35bn
Financial Close
14 December 2016
Sources
Submitted by participant(s)

All Dealmakers

John Dewar

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Joe Shephard

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Cristina Bergomi

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Joshua  Edwards

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Guto Davies

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Philip Walsh

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Oliver Irwin

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Jonathan Roberts

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