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A&O advises Nigeria LNG on first-of-a-kind USD3 billion corporate financing

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Bayliss Lorraine
Lorraine Bayliss

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London

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Ben Davies

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London

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21 May 2020

Allen & Overy has advised Nigeria LNG Limited (NLNG), a joint venture owned by Nigerian National Petroleum Corporation (NNPC), Shell, Total and Eni, on a first-of-a-kind USD3 billion corporate financing for the Train 7 project at the Bonny Island liquefied natural gas facility in the Niger Delta. 

The hybrid non-recourse corporate financing involved a combination of different debt tranches provided by several lending institutions across the world including three export credit agencies (Export-Import Bank of Korea, Korea Trade Insurance Corporation and SACE), two international financial institutions (African Export-Import Bank and Africa Finance Corporation) and 26 Nigerian and international commercial banks.

Lorraine Bayliss, a partner in A&O's banking practice in London, commented: "We are proud to have advised NLNG and its in-house legal team and to have been part of the successful closing of this pathfinder and complex financing during an unprecedented time for the global economy and in particular the oil and gas market. This transaction will strengthen Nigeria's position as one of the largest LNG export countries in the world." 

When fully operational, Train 7 will increase capacity at the Bonny Island facility by almost 35% or eight million tonnes per annum (mpta).

The Allen & Overy team in London was led by partner Lorraine Bayliss and included counsel Steven Dejong, senior associates Mitchell Ikoghode and Tom D'Ardenne, and associates Chinedu Ihenetu-Geoffrey and James Pritchard, with wider team support from partner Matthias Voss, senior associate Akira Takahashi and associate Adeola Adesola. The Nigerian legal counsel to NLNG was Olaniwun Ajayi LP. 

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