Petroleum Africa
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Wednesday, April 16, 2014
Seven Energy International Ltd. secured $255 million of new equity capital, enabling it to further develop gas supply opportunities in Nigeria’s domestic energy market. Temasek, the Singapore investment company, has committed $150 million, the International Finance Corporation (IFC), a member of the World Bank Group, has committed $75 million, and the IFC African, Latin American, and Caribbean Fund (IFC ALAC Fund) has committed $30 million.
The investments will be in two tranches, the timing of which is subject to the satisfaction of certain conditions in the investment agreements.
The institutions are investing in Seven Energy’s irredeemable convertible loan notes which bear no coupon and are akin to equity capital. On a converted and fully diluted basis, on full satisfaction of the investment agreements, the new investors would account for approximately 26% of the equity capital of the Group.
Seven said in a statement that the new equity capital would assist it in the development of its growing portfolio of assets in Nigeria, where it is currently focused on the development of upstream reserves and resources and gas infrastructure to provide gas to the domestic market for power generation and industrial consumption.
Seven Energy’s CEO, Phillip Ihenacho, said of the equity investment: “Seven Energy has developed a strong and strategically important position in the rapidly developing gas market in Nigeria. I am very pleased that the Group has gained the support of Temasek, IFC and the IFC ALAC Fund, all highly-respected global investors.
“These investments are a vote of confidence in Nigeria and in Seven Energy’s vision to be the leading supplier of gas in the country.”
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