News

Wakefield Quin advises EIG and AFC on US$425 million loan facility to New Age (African Global Energy) Limited

  • July 2016

Wakefield Quin advised US energy fund EIG and Lagos-based development finance lender Africa Finance Corporation as principal senior lenders on Bermuda law security matters relating to an up to US$ 425 million loan facility for New Age (African Global Energy) Limited, an oil and gas group developing upstream oil and gas fields in Africa.  Proceeds of the facility are to be used to finance New Age’s offshore oil and gas fields in Cameroon, Congo-Brazzaville and Nigeria as well as an oil field in Kurdistan.

The Wakefield Quin team, acting as Bermuda legal counsel, was led by Erik Gotfredsen which worked alongside Hogan Lovells’ London, Paris and Singapore offices who were representing EIG and AFC on the financing transaction.  Clyde & Co. represented New Age on the transaction.