Global law firm White & Case LLP has advised a group of international and Nigerian banks on a US$780 million financing denominated in both US dollars and naira for the joint venture between the Nigerian National Petroleum Corporation (NNPC) and Chevron Nigeria Limited, under NNPC's oil debt programme.
This financing follows the Firm's 2015 representation of the lenders on a $1.2 billion financing provided to the NNPC-Chevron JV, and the Firm's role this year advising NNPC, The Shell Petroleum Development Company of Nigeria Limited and Total E&P Nigeria Limited on a US$1 billion financing, also under the oil debt programme.
"These innovative milestone transactions have opened an exciting new chapter in the story of oil and gas financings in Nigeria," said London-based White & Case partner Jason Kerr, who led the Firm's deal team. "The deals are generating increasing momentum for third party financing for the NNPC and its JV partners."
The White & Case team which advised on the transactions was led by partners Jason Kerr, Saul Daniel (both London) and Gareth Hodder (Johannesburg), with support from counsel Nneka Wood (Abu Dhabi) and associates Adrian Lawrence, Gabriel Onagoruwa (both London), Brenda Migwalla (Johannesburg) and Judith Olloh (Abu Dhabi).
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