Africa Loans

Chevron Nigeria will hold a meeting with banks in London on Monday next week as it looks to build commitments for a $1.2bn loan.

Chevron Nigeria, which has extensive oil production operations in onshore and offshore Nigeria under a joint venture with Nigeria National Petroleum Corp, has launched a $1.2bn loan with dollar and naira tranches.

Kenya Pipeline Co is very close to signing a long-awaited loan with banks and is wrapping up final commitments, said bankers involved.

Chevron Nigeria and Maurel & Prom, a French company with African oil assets, are both talking with banks about loans despite recent oil market pressure.

Kenyan loans are in focus this week for the African market, with three government owned companies looking to arrange deals.

The deadline for proposal submissions on Ghana National Cocoa Board’s annual loan closed on Tuesday, with banks forming teams to compete for the deal.

As Nigeria head to the polls for tightly contested elections on Saturday, loans bankers said that a smooth conclusion should open the deal floodgates.

Kevin Latter has been appointed head of investment banking in South Africa at Bank of American Merrill Lynch.

Kenyan borrowers look set to lead the charge when African loans emerge from their recent lull, said loans bankers, with several requests for proposals floated.

Ghana National Cocoa Board is back in the loan market for its annual pre-export finance facility and has requested proposals from banks.

Ghana National Cocoa Board is back in the loan market for its annual pre-export finance facility and has requested proposals from banks.

Afren, the Africa-focused oil exploration company listed on the London Stock Exchange, has obtained a second deferral from lenders on a $50m loan amortisation payment.