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Nigeria: Oando restructures debt

Oando plc has restructured its debt into a N94.6bn ($475m) five-year consolidated facility with a three-year moratorium on principal. Oando’s acquisition of ConocoPhillips’ Nigerian assets in for $1.5bn in 2013 left it with significant debt and income has been hit by the lower oil price. Oando said it planned to sell assets worth $350m this year. News of the deal, announced on 6 June, sent Oando’s shares sharply higher on the Lagos and Johannesburg stock exchanges.

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